'Emperor of Wall Street' Dimon: "Hiring More AI Experts, Reducing Bank Teller Jobs"

"Natural Workforce Shifts Rather Than Mass Layoffs"

Jamie Dimon, the CEO of JPMorgan Chase and often referred to as the "Emperor of Wall Street," stated that as the scope of artificial intelligence (AI) applications widens, there is increasing demand to hire AI experts, while traditional bank teller jobs are likely to decrease.

On May 21, during an interview with Bloomberg TV at JPMorgan's China Summit event in Shanghai, CEO Dimon said, "In the long term, I think jobs will be reduced," and added, "There will be various types of new jobs, and in certain areas, we will hire more AI professionals and fewer bank tellers."

Jamie Dimon, CEO of JPMorgan Chase. Photo by Reuters Yonhap News

Bloomberg explained that CEO Dimon's remarks reflect the global trend in the financial industry toward automation-driven restructuring.

CEO Dimon predicted that the AI-driven transformation will lead to a natural shift in the workforce, rather than mass layoffs. He also noted that while AI is impacting not only simple back-office work but also high-value-added tasks, it will create new roles in customer-facing areas.

According to him, JPMorgan's annual natural attrition rate is about 10%, with approximately 25,000 to 30,000 employees leaving the company each year. He explained that for jobs that are being reduced, JPMorgan can utilize employee retraining, redeployment, and early retirement programs.

Recently, executives at major banks have successively made statements predicting workforce reductions due to AI. Bill Winters, CEO of Standard Chartered, sparked controversy by saying that the bank would eliminate 8,000 support roles over the next four years by replacing low-value human capital with technology. In addition, HSBC CEO Georges Elhedery warned that AI will destroy some jobs while creating new ones, urging employees to adapt to technological changes rather than resist them.

Research findings support these statements. According to McKinsey & Company, up to 30% of working hours in the finance and insurance sectors could be automated by 2030. Citigroup has released survey results indicating that more than half of bank jobs are likely to be replaced or supplemented by technology.

Regarding CEO Winters' comments, CEO Dimon said, "I think his way of expressing it was a bit clumsy," adding, "Ultimately, it is the old jobs that will disappear. If back-office work decreases, more front-office staff will be needed to serve more clients."

However, he cautioned against changes happening too rapidly, stating, "If that change happens too quickly, I believe it is our society's responsibility to consider how to respond."

Meanwhile, as U.S. long-term Treasury yields have surged recently, CEO Dimon warned, "Interest rates could rise much higher than they are now," and suggested, "The global economy may have shifted from a state of excess savings to one of savings shortages."

CEO Dimon expressed particular concern about the U.S. fiscal situation. He said, "U.S. government debt stands at $30 trillion, with an average interest rate of 3.5%. Under current circumstances, it is difficult to refinance at a lower rate," and continued, "This year, an additional $2 trillion will need to be raised, but the real issue is not knowing when the world will become concerned about this situation or when, due to inflation, people will be reluctant to hold long-term bonds." He added, "At some point, many investors will face a situation where they have to refinance at higher interest rates."

This content was produced with the assistance of AI translation services.