Jamie Dimon: AI Has Already Canceled Up to 40% of Jobs in Some JPMorgan Divisions

For the first time,
JPMorgan Chase CEO Jamie Dimon
has openly confirmed that
the adoption of artificial intelligence has already had a direct impact on the bank's workforce.
During the quarterly financial results presentation, the manager explained that
some business areas
have recorded
staff reductions of between 30% and 40%
due to efficiency gains achieved through the use of AI technologies.

This statement represents a shift from the position maintained in previous months. While Dimon
had repeatedly stated that artificial intelligence would primarily improve employee productivity without leading to widespread layoffs,
it now appears that the picture is more nuanced:
AI is indeed enabling reductions in the number of employees in specific functions,
even though the bank claims to have
internally redeployed
the majority of the individuals involved.

In response to a question about whether artificial intelligence would make JPMorgan a leaner organization, Dimon stated that the company expects "
huge efficiency gains in some parts of the company.
" He also emphasized that productivity benefits have already allowed for the elimination of certain jobs, although he noted that "most of those individuals have received offers to take on other roles within the company."

The CEO added that the institution is investing in
retraining the workforce to support the technological transition.
"We are preparing to ensure we can retrain our employees," he explained, highlighting how the strategy is not solely focused on cost reduction, but also on the realignment of skills.

On the economic front, JPMorgan believes that artificial intelligence has not yet had a significant impact on overall expenses.
CFO Jeremy Barnum pointed out that costs related to the tokens used by AI models are currently "negligible," but he also anticipated an increase in the second half of the year.
This is a dynamic affecting a growing number of companies, grappling with the increasingly widespread use of generative models and the
resulting rise in computational costs.

In February, Dimon stated that AI-based tools were allowing employees to save time, but without significant effects on the overall number of employees. Later, in an interview with Bloomberg, he acknowledged that in the long term, AI would also change the bank's hiring policies, predicting fewer bankers in certain professional categories and an increase in demand for specialists in the field of artificial intelligence.

In short, it is quite clear that
everyone thinks they know the future, but no one is really sure what will happen.
Moreover, current experiences with AI are not uniform, and not everyone is finding the Holy Grail they expected. Nonetheless, it is
a technology in a phase of exponential growth,
and consequently
the scenario is in constant and sudden change.