JPMorgan Chase CEO Jamie Dimon admits: AI will eventually reduce banking jobs.

Jamie Dimon, CEO of JPMorgan Chase, publicly admitted that artificial intelligence will compress the size of the banking industry workforce in the long term, making it one of the most direct statements made by Wall Street executives on the issue so far. During the JPMorgan Chase China Summit held in Shanghai, Dimon told Bloomberg in an interview, "I think it will ultimately reduce our positions." He expects that banks will recruit more talent in the AI field in the future, while the demand for certain categories of traditional banking professionals will decrease accordingly. He also emphasized that AI will create new job opportunities, especially in the areas of customer relations and revenue generation. Dimon's statement echoes recent public remarks by many banking executives, highlighting that the impact of AI on the employment structure of the financial industry is becoming an industry consensus. According to McKinsey, nearly one-third of working hours in the financial and insurance industry may eventually be automated; Citigroup predicts that more than half of banking positions are highly likely to be replaced or transformed by AI. Gradual downsizing instead of mass layoffs Dimon emphasized the difference between AI-driven employment changes and one-time mass layoffs. He stated that JPMorgan Chase experiences natural attrition of about 25,000 to 30,000 employees per year, a flow big enough to support retraining or redeployment of employees during the evolving job landscape at the bank, reducing positions mainly through natural attrition rather than mass layoffs. This stance is consistent with JPMorgan Chase's overall strategywhile increasing investment in AI, it aims to minimize direct impacts on its workforce. Dimon stated that as back-office functions become increasingly automated, the bank needs to expand front-line staff to serve more customers, saying, "If back-office work disappears, we need more front-line positions to cover more customers." Industry executives speaking out, wording sparking controversy Dimon is not the only bank executive to speak out on this issue recently. Standard Chartered CEO Bill Winters faced widespread criticism for suggesting that technology would replace "low-value human capital"; Goldman Sachs President John Waldron described traditional back-office work as a "human assembly line" that is easy to automate; HSBC CEO Georges Elhedery warned that AI would "destroy" certain jobs while creating new ones. Dimon defended Winter's remarks, but also admitted that the wording was inappropriate. "It's not the right way to express it," he said. This commentary shows that different banks face different public relations pressures when conveying the same strategic intent. Despite his positive outlook on the long-term potential of AI, Dimon expressed caution about the rapid pace of transformation. "I think weas members of societyhave a responsibility to think about what happens if all of this happens too quickly," he said. This statement aims to balance the market's expectations of the efficiency gains from AI with concerns about the mass impact on employment. For investors, Dimon's remarks send a signal that JPMorgan Chase will continue to increase investment in AI but will adjust personnel structures at a controlled pace, rather than adopting an aggressive short-term contraction strategy. This article is reproduced from the "Wall Street News" app, written by Xu Chao; edited by Song Zhiying.