JPMorgan chief executive Jamie Dimon said the bank is expected to recruit more workers with AI expertise and “fewer” conventional bankers as the technology becomes more widely used, reported Bloomberg.
In an interview to Bloomberg Television Dimon said: “I think it will reduce our jobs down the road.
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“There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive.”
Dimon said the change is unlikely to require large-scale job cuts and suggested it could mostly be handled through normal staff turnover.
He said AI is beginning to affect support functions and more advanced work, while also opening new positions, especially in roles dealing directly with clients.
He said JPMorgan’s yearly attrition rate is about 10%, equivalent to roughly 25,000 to 30,000 people leaving each year, giving the bank room to retrain employees, move them into other jobs or offer early retirement.
The comments came amid a broader discussion in banking over how AI will alter staffing needs.
Earlier this week, Standard Chartered chief executive Bill Winters prompted debate when he said the lender was replacing “lower-value human capital” with technology as part of plans to cut 8,000 support roles over the next four years.
His remarks followed comments from Goldman Sachs Group president John Waldron, who recently referred to traditional back-office work as a “human assembly line” that could be automated.
HSBC chief executive Georges Elhedery also said this week that AI will “destroy” some jobs while creating others and called on staff to adjust to the shift rather than oppose it.
Dimon defended Winters, calling him a friend.
“It was an inartful way to say something,” he said. “I think it will be old jobs. If back-office jobs disappear, we need more front office jobs to cover more clients.”
Dimon also said the pace of change would need careful consideration.
“I think it’s incumbent upon us, society, to think through if it happens too fast,” he said.
