JPMorgan Chase plans to shift parts of its workforce toward artificial intelligence roles and away from some traditional banking positions, CEO Jamie Dimon said in an interview published by Bloomberg Television on Wednesday. Speaking at the bank’s China Summit in Shanghai, Dimon pointed to a rebalancing of job types as AI tools are adopted across the firm.
"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. He added plainly on the prospects for employment levels: "I think it will reduce our jobs down the road."
The CEO noted that the bank's typical annual attrition rate - roughly 10%, or about 25,000 to 30,000 employees - provides scope to implement workforce changes gradually. That turnover, Dimon said, allows JPMorgan to consider options such as retraining staff, redeploying workers into other roles or offering early retirement rather than resorting to broad layoffs.
Dimon’s comments come as banks worldwide increase investments in AI and other technologies, a shift that is changing job descriptions and prompting firms to rethink staffing models. Standard Chartered, for example, announced on Tuesday plans to eliminate 7,000 positions over the next four years as it pursues technology to replace what it called "lower-value human capital."
The broader business landscape is seeing companies restructure employment as investments tilt toward AI. The trend has heightened concern among investors and economists that AI could disrupt established industries and lead to job losses in areas most exposed to automation.
While Dimon highlighted productivity gains from AI hires, he also flagged the possibility of fewer roles overall. The bank intends to rely on natural workforce turnover and internal measures such as retraining to adapt its employee mix over time, rather than immediate mass layoffs.
This account underscores a wider recalibration in financial services and other sectors as firms weigh technology investments against traditional labor costs and roles. The pace and extent of job changes, and how employers choose to manage transitions, remain open questions guided by attrition, retraining programs and corporate decisions on redeployment and retirement offers.
Direct comments from Dimon used in this report are as provided in the interview.