TL;DR

JPMorgan CEO Jamie Dimon has told investors the bank has “huge redeployment plans” for staff displaced by AI, offering alternative roles as automation reshapes traditional operations. The bank spends roughly £1.5 billion a year on AI development — about a tenth of its technology budget — and reports matching savings.

Reshuffling rather than shrinking

Speaking at an investor meeting, Dimon said: “We have displaced people from AI — and we offer them other jobs.” The bank’s total headcount remained roughly flat at 318,512 over the past year, but the composition shifted: operations and support staff fell by 4% and 2% respectively, while client-facing and revenue-generating roles grew by 4%.

JPMorgan is deploying models from Anthropic and OpenAI, doubling its AI use cases over the past year with a focus on customer service and internal technology workflows.

Measurable efficiency gains

The bank’s investor presentation detailed specific productivity improvements: operations employees now handle 6% more accounts each, per-unit fraud costs are down 11%, and software engineers are 10% more productive.

Dimon struck a competitive note in closing: “My view is that we will be a winner, but at the end of the day, if you look at 100 areas, we’ll be a winner in 75 and maybe a loser in 25.”

Looking forward

JPMorgan’s approach — redeploying rather than laying off displaced workers — contrasts sharply with Block’s decision to cut nearly half its workforce this week. How each strategy performs over the next year will shape the broader debate about whether AI-driven workforce changes need to mean job losses.