AI Reshaping Wall Street: JPMorgan Has Launched a Large-Scale Internal Reassignment Program

JPMorgan Chase CEO Jamie Dimon said the bank is taking steps to address the impact of artificial intelligence on employees, while also believing that society as a whole should respond more broadly to the potentially disruptive effects of AI.

At an investor conference on Monday evening, Dimon outlined the company’s internal plans: as automation accelerates, the bank will redeploy employees to new roles. Dimon stated:

We have a large-scale internal redeployment plan for our employees. In fact, we discussed this today, and we need to strengthen it further. For employees displaced by AI — we do have staff affected by AI, and we will provide them with other jobs.

As the world’s largest bank by market value, JPMorgan Chase spends nearly $20 billion annually on technology, making it the industry leader. The bank’s executives have set an ambitious goal: to fundamentally reshape itself in the era of AI.

Even at this relatively early stage, JPMorgan Chase’s changing employee structure offers a glimpse into how the company is using AI technology. The bank utilizes models from OpenAI, Anthropic, and others through its own AI portal.

Over the past year, JPMorgan Chase’s total staff has remained roughly flat at about 318,512 employees. However, internal shifts have occurred: the number of operations and support staff decreased by 4% and 2%, respectively, while roles related to customer service and revenue generation increased by 4%.

These changes are primarily driven by technological applications: each operations employee can now handle 6% more accounts; fraud processing costs per unit have fallen by 11%; and software engineers’ productivity has increased by 10%.

JPMorgan Chase CFO Jeremy Barnum told investors that this year, the bank doubled the number of generative AI use cases, focusing on customer service and its technical staff.

On Monday, an analyst asked Dimon whether he was worried about the risk of large-scale unemployment caused by AI — as AI models continue to evolve, stock prices related to AI have fluctuated significantly, heightening market concerns. Dimon responded: “We will do our best to deploy AI to serve our customers better.”

Previously, Dimon compared the potential impact of AI to the invention of electricity or printing.

In addition to implementing a “large-scale redeployment plan,” Dimon expressed concern that the rapid proliferation of AI could lead to widespread unemployment across entire job sectors. He posed a hypothetical: what if autonomous trucks were fully deployed overnight:

If this causes 2 million people to lose their jobs, would you still do it? Their next jobs might pay only $25,000 a year, such as restocking shelves at supermarkets.

Companies and governments need to start preparing for this risk now, including providing assistance and training for displaced workers.

If the problem really develops to that extent, society must consider what to do. Now is the time to start thinking.

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