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Jamie Dimon explains how JPMorgan's headcount will be steady or even increase despite US tech giants' layoff amid AI boom
JPMorgan Chase CEO Jamie Dimon anticipates the bank's headcount will remain steady or increase as AI integration deepens, countering widespread job loss fears. He emphasized AI's role in enhancing productivity and creating new roles in data and technology, rather than leading to significant layoffs. His remarks came as several tech giants are cutting jobs due to automation.
JPMorgan Chase and Company Chief Executive Officer Jamie Dimon said the American's largest bank's headcount is likely to remain steady or even increase as Artificial Intelligence (AI) becomes more deeply integrated into its operations. His remarks came amid countering fears that automation will lead to widespread job losses, reports Bloomberg. He said headcount at the largest US bank will probably remain steady or rise as it continues to roll out artificial intelligence, if “we do a good job.”
In an interview with CNN, Jamie Dimon said that JPMorgan is focussed on using AI to enhance productivity rather than cutting jobs. “We always redeploy,” he explained, referring to employees whose tasks are reshaped by new technologies. While acknowledging that AI will reduce human workloads in many areas, he stressed that “it will also create jobs” — particularly in areas related to data, analytics, and technology infrastructure.
His remarks come as several US companies including Amazon, Meta, Microsoft have announced significant layoffs while investing heavily in artificial intelligence. Amazon has eliminated around 14,000 corporate positions this year as part of its restructuring to accelerate AI integration. Those job cuts have reignited public debate about whether the rapid rise of automation could weaken the US labor market.
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JPMorgan takes a different approach
However, JPMorgan- the largest US bank by asset- has taken a different approach. JPMorgan CEO Jamie Dimon told CNN that the broader labor market has weakened but said it's still unclear if the trend will continue. Despite the uncertainty, he remained optimistic, saying that innovation — including AI — usually creates more jobs than it eliminates.“There has been a weakening in the broader labor market,” Dimon told CNN, though he cautioned that it remains unclear whether that trend will continue. Despite the uncertainty, he struck an optimistic tone about the long-term relationship between AI and employment, emphasizing that innovation historically tends to generate more opportunities than it destroys.
Jamie Dimon said there is “weakening in the job market, there's no question,.” albeit not yet at a recessionary level. “The economy is still chugging along. It may have gotten a little bit weaker, but right now it's still kind of in that soft landing,” Dimon said.
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Dimon calls Nvidia 'unbelievable company'
JPMorgan CEO heaped praises on Nvidia, whose near-$5 trillion valuation is now greater than the size of all but two or three economies in the world. He called the chipmaker giant "unbelievable company" and praised AI as “real” and capable of making companies “hugely productive.”He acknowledged that not all AI companies will ultimately succeed, and there will be setbacks along the way – like with the dotcom bubble. “It's like the internet thing. They may not all pay off, but you did get Google, Facebook, YouTube, part of Microsoft, Amazon, Salesforce,” he said. “Yeah, there was a little bit of a bubble in there.”
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Dimon added there is “enormous” potential for AI to open the door to breakthrough inventions in medicine, engineering and elsewhere. “Mankind should benefit,” he said. Dimon admitted that AI could wipe out as much as 80% of jobs in certain professions but stressed that it would also create new roles in other areas. He said the key would be providing “thoughtful” government support if AI develops “too fast for society,” along with enforcing “proper regulation” to keep the technology safe.
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Source: EconomicTimes
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