fewer bankers, – JPMorgan CEO Jamie Dimon said AI will reshape every job at the bank, potentially leading to fewer bankers in some categories as the firm hires more “AI people.” He linked the shift to ongoing attrition of roughly 10% a year, a $20 billion technology budget, an
On Wednesday, JPMorgan CEO Jamie Dimon framed the future of the country’s biggest bank in the blunt terms of workforce planning: AI will change every job, and the bank will likely hire fewer bankers in some categories while bringing in more people to work on AI.
In an interview with Bloomberg that aired on Wednesday, Dimon said he expects AI to “reduce some of our jobs down the road,” adding: “I think we’ll be hiring more AI people and probably less bankers in certain categories.”
He also tied the conversation to the bank’s existing approach to shrinking headcount through attrition rather than sudden layoffs. JPMorgan sees about 10% attrition each year—roughly 30. 000 people—and the bank is prepared to reskill workers. move them into new roles. and potentially offer early retirement. During the company’s investor day in February. Dimon said the bank already had “huge redeployment plans. ” and he returned to that theme in the interview.
“We can take people who are displaced — and we have displaced people from AI — and we offered them other jobs,” he said at the February event.
The AI shift isn’t limited to a single department. Dimon said JPMorgan is using AI “for everything from risk to marketing to coding. ” describing the scope as “the tip of the iceberg” as the technology accelerates. He said the bank has a $20 billion technology budget and keeps careful tabs on how its engineers use AI.
As banks automate parts of the work that once defined junior roles, the pressure moves outward beyond payroll. Dimon pointed to how the nature of banking is already changing. citing startups like Rogo and Hebbia that automate some of the grunt work previously associated with junior jobs. He also referenced Anthropic’s rollout of AI agents for the financial sector. including agents for building pitch decks and models.
His remarks landed against a backdrop of public sparring over whether AI-driven reductions amount to replacing people. Dimon addressed Standard Chartered CEO Bill Winters’ controversial comments about AI-related job losses. Winters had described a planned reduction in support staff as “replacing in some cases lower-value human capital with the financial capital and the investment we’re putting in.” After an online backlash. Winters clarified his language in an internal memo on Wednesday. writing: “where roles do fall away. it reflects changes in the work. not the value of our people.”.
Dimon called Winters—a former JPMorgan employee who spent 26 years at the bank—a “friend. ” and said the industry has been speaking past itself. “We’ve all phrased things poorly,” Dimon said. “It was an inartful way to say something. ” he added. then argued that AI will impact everyone. not just less-skilled employees.
Dimon also broadened the discussion to the competition cities face for talent. In a recent meeting with Mayor Zohran Mamdani, he urged the importance of keeping New York City competitive. “We went through that every city has to compete. and they have to compete at every level. ” Dimon said of his conversation with the mayor. who has faced criticism from much of the business community for singling out Citadel CEO Ken Griffin in a video.
Dimon said New York’s high taxes are “already” causing talent to leave. He pointed to his own growing workforce in Texas as evidence of where the bank’s hiring is trending.
The picture that emerges from Dimon’s comments is not a promise of no disruption. JPMorgan is preparing for the churn it already expects—10% attrition each year. about 30. 000 people—while increasingly steering the bank’s next hiring toward AI roles. Dimon’s message to investors and employees appears to be the same: the work will change. some roles may shrink. and the bank wants displaced workers to move rather than simply exit.
JPMorgan Jamie Dimon AI workforce bankers job cuts reskilling attrition technology budget Bloomberg interview Standard Chartered Bill Winters New York City taxes Zohran Mamdani Ken Griffin