May 21 (Reuters) – JPMorgan will likely hire more artificial intelligence specialists and fewer traditional bankers, CEO Jamie Dimon told Bloomberg News in an interview published late Wednesday.
Here are some details:
• “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 in a Bloomberg Television interview at the bank’s China Summit in Shanghai.
• “I think it will reduce our jobs down the road,” Dimon added.
• JPMorgan’s annual attrition rate of about 10%, or roughly 25,000 to 30,000 employees, gives it room to manage these changes gradually, Dimon said; he added that the bank could retrain staff, redeploy workers or offer early retirement instead of making large layoffs.
• Dimon’s comments come as global banks increase investments in AI, reshaping workforces and leading to changes in job roles.
• Standard Chartered on Tuesday said it would eliminate 7,000 jobs over the next four years as it seeks to replace “lower-value human capital” with technology.
• This comes amid a larger trend of companies cutting jobs as investments shift toward AI.
• Concerns have deepened among investors and economists that artificial intelligence will upend established industries, with job losses already emerging in sectors most exposed to automation.
(Reporting by Mihika Sharma in Bengaluru; Editing by Joyjeet Das)
