JPMorgan Chase CEO Jamie Dimon has said the bank is actively responding to the impact of AI on employment within the organisation, reported CNBC.
During an investor presentation, Dimon discussed JPMorgan’s strategy for moving staff into different roles as automation advances across its operations.
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He stated that the bank already has significant plans for reallocating employees whose positions are affected by AI.
Dimon said: “We already have huge redeployment plans for [our] own people,” adding that some employees have been displaced due to AI and are being considered for new roles.
“In fact, we spoke about it today, and we have to up that a little bit so we can take people who are displaced – and we have displaced people from AI – and we offer them other jobs,” noted the CEO.
JPMorgan, which holds the largest market capitalisation among global banks, spends nearly $20bn each year on technology initiatives.
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By GlobalDataThe company’s leadership has outlined efforts to help become “fundamentally rewired” for the AI adoption.
Although total staff numbers remained steady at 318,512 over the last year, there were shifts within different job categories.
The number of employees in operations dropped by 4%, and support roles decreased by 2%. At the same time, JPMorgan expanded positions that focus on direct client interactions and revenue generation by 4%.
The bank explained these changes as a result of deploying technology to increase efficiency.
Operations staff are now responsible for more accounts, while costs related to fraud management have declined.
Software engineers have also seen productivity gains.
Chief financial officer Jeremy Barnum reported that use cases for generative AI at JPMorgan have doubled this year, particularly in customer service and technology areas. The bank uses models from OpenAI and Anthropic within its AI portal.
A spokesperson declined to give further details regarding Dimon’s remarks about relocating employees. In response to an inquiry about potential widespread job losses due to AI advancements, Dimon said: “We are going to deploy AI as best we can to do a better job for our customers.”
