CHANGE: Jamie Dimon says JPMorgan will hire more AI brainiacs, fewer bankers.
Artificial intelligence is poised to drastically shrink the workforce at the nation’s largest bank, but the transition will happen without the pain of mass layoffs, JPMorgan Chase CEO Jamie Dimon said Thursday.
In an interview in Shanghai, the renowned money man told Bloomberg that AI will make his employees vastly more productive.
While the technology will ultimately reduce the need for certain jobs, Dimon said the bank will manage the shift through “natural attrition” — simply not filling the positions of the 25,000 to 30,000 workers who quit or retire each year.
Left unsaid: What happens to the young people just entering the workforce who would have replaced those 25,000 to 30,000 workers.