JPMorgan Chase & Co. will prioritize hiring artificial intelligence specialists over traditional bankers in specific categories. CEO Jamie Dimon announced the strategic shift at the bank's China Summit in Shanghai.
The bank aims to increase employee productivity, which may lead to fewer traditional banking roles over time. Dimon plans to manage this transition gradually by leveraging natural annual attrition.
The company currently experiences between 25,000 and 30,000 employee departures each year. JPMorgan will focus on retraining and redeploying staff rather than implementing large-scale layoffs.
Management may also offer early retirement options to facilitate the workforce shift. This strategy reflects a broader industry trend of using advanced technology to enhance efficiency and maintain a competitive edge.