The head of the world’s biggest bank, which is doubling its Manila workforce to 20,000 in 2025, said the shift is unavoidable and banks must move quickly to retrain and redeploy workers.
“I think people shouldn’t put their head in the sand. It is going to affect jobs,” he said in an interview with Bloomberg News on Oct. 8.
“There will be jobs that it eliminates. But you’re better off being way ahead of the curve and retraining people. So we train and redeploy a lot of people,” he said.
“So for JPMorgan, if we’re successful, we’ll have more jobs. But there will probably be less jobs in certain functions,” he added.
$2 billion spent on AI annually
Dimon, who has led the American financial services giant for the past two decades, said they continue to adapt in an era of generative AI.
“It affects risk, fraud, marketing, idea generation, customer service and it’s kind of the top of the iceberg,” he said.
He added that investments lead to direct benefits, noting “we have shown that for $2 billion of expense we have about $2 billion of benefit.”
—Edited by Miguel R. Camus
