JPMorgan: 90,000 jobs cut
JPMorgan Chase CEO Jamie Dimon announced that AI has led to job cuts of 30 to 40 percent in certain divisions of the bank. Despite these reductions, he noted that the competitive nature of the banking industry means that the benefits of AI may not significantly improve profit margins. The bank continues to invest heavily in AI technology.
Conservative
90,000
Core Estimate
90,000
Upper Bound
90,000
Sources
Dimon says AI already eliminated 30 to 40 percent of jobs in some JPMorgan divisions
Dimon says AI already eliminated 30 to 40 percent of jobs in some JPMorgan divisions Image by: LinkedIn / Jamie Dimon #### TL;DR Dimon says AI cut 30 to 40 percent of jobs in some JPMorgan units but competitive dynamics mean margins will not grow as a result. JPMorgan Chase has cut jobs by as much as 40 percent in some parts of the bank using artificial intelligence, CEO Jamie Dimon told analysts during the company’s second-quarter earnings call on Tuesday. But investors hoping the technolog