Irony: When the guys who've been pulling down big paychecks pimping the AI bubble to investors are among the people whose jobs are about to become obsolete.
Speaking from Shanghai, Dimon stated, "There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive"
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JPMorgan CEO Jamie Dimon said in a new interview that the bank will likely hire more artificial intelligence specialists and fewer traditional bankers.
Speaking from Shanghai, Dimon stated, "There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive." He added, "I think it will reduce our jobs down the road."
Dimon told Bloomberg News that JPMorgan's 10 percent annual attrition rate, affecting 25,000 to 30,000 employees, allows for gradual management. He suggested retraining staff, redeploying workers, or offering early retirement instead of large layoffs.
Dimon's comments align with a global trend of banks increasing AI investments, reshaping workforces and job roles. Standard Chartered, for example, plans to cut 7,000 jobs over four years, replacing "lower-value human capital" with technology.
This wider shift to AI-driven job cuts deepens concerns among investors and economists that AI will upend industries, with job losses emerging in sectors most exposed to automation.
In April, Dimon made headlines when he warned the world would face “significant” interest rate shocks as a consequence of Donald Trump’s war on Iran.
Dimon said spiraling oil and gas prices, which have skyrocketed following Iran’s blockade of the key shipping lane, the Strait of Hormuz, and its attacks on regional energy infrastructure, would lead to “stickier” inflation that could push up interest rates.
In April, Dimon warned of global interest rate shocks as a result of the closure of the Strait of Hormuz, shown here
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Higher interest rates mean more costly borrowing of money for loans and investments, as well as mortgages, government borrowing costs and more.
They are also associated with lower economic growth, as firms spend less on new projects and hiring, and consumers spend less on non-essential items while managing household finances amid rising essential bills.
Dimon warned: “Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.
“Nations that are heavily dependent upon imported energy are already seeing the effects. And it’s not just energy, it’s commodity products that are byproducts of oil and gas, like fertilizer and helium.
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