JPMorgan CEO sees headcount steady despite AI: ‘Always redeploy’

JPMorgan Chase chief executive officer Jamie Dimon

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon — weighing in amid a wave of job cuts at other employers — 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.”

“We always redeploy,” Dimon said in an interview with CNN broadcast after market hours in the US, talking about what happens to people whose work is affected by the technology. Broadly, he said, AI will reduce human workloads in many roles, but “it will also create jobs.”

Recent US workforce reductions, including Amazon.com Inc.’s elimination of 14,000 corporate jobs while it embraces artificial intelligence, have stoked fresh concerns about the health of the US labor market. Dimon’s remarks affirm his prior guidance that the bank may expand its workforce. And in a letter to shareholders last year, he said it would “aggressively retrain” those affected by AI “to make sure we are taking care of our employees.”

There has been a weakening in the broader labor market, Dimon told CNN, but it’s unclear whether that will continue.