For decades, a banker has been someone who reviewed your loan application, managed your portfolio, or walked you through a mortgage. But Jamie Dimon, CEO of JPMorgan Chase — the largest bank in the United States, with 318,512 employees and $4.4 trillion in total assets (1) — says that could change soon.

In a Bloomberg interview that aired Thursday, Jamie Dimon said artificial intelligence will reduce headcount at the nation’s largest bank. “I think it’ll reduce our jobs down the road,” Dimon said. “I think we’ll be hiring more AI people and fewer bankers in certain categories, and it will make them more productive (2).”

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He added that the bank is already using AI across marketing, fraud detection and document management, and that’s just “the tip of the iceberg” as the technology accelerates. “Every app, every process, every job will be affected,” (3)he said (3).

Dimon’s remarks came two days after Standard Chartered Chief Executive Officer Bill Winters, announced that Standard Chartered Bank will cut 7,800 roles by 2030 — another sign that banks worldwide are reshaping work as they adopt automation (4).

JPMorgan’s most recent annual report shows the bank’s total employee count remained broadly stable (5), but operations staff fell 4% and support roles dropped 2%, while the bank added 4% to client-facing and revenue-generating positions, according to CNBC’s analysis of the annual report (6). The bank isn’t laying off en masse, but it’s changing what it needs people to do.

Dimon said the bank has built plans to reskill and redeploy workers as AI takes over functions those roles currently handle. “We have displaced people from AI, and we offer them other jobs. They are usually well-trained and highly talented, very good at things,” (7)he said at a JPMorgan investor event in February (7). In other cases, early retirement is on the table.

The bank has roughly a $20 billion technology budget (8) and Dimon said they have an internal large language model (LLM) that about 150,000 workers already use every week. “They think they’re saving 4 hours,” he says (9).

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Standard Chartered’s Group Chief Executive Bill Winters spoke at an investor forum in Hong Kong, and announced that the bank will be eliminating 7,800 support roles over the next four years (10).

Standard Chartered was one of the first global banks to publicly set out how it expects AI to trim headcount at that scale. “It’s not cost cutting; it’s replacing, in some cases, lower-value human capital with the financial capital and the investment we’re putting in,” (11)Winters told journalists at the briefing (11).

The phrase “lower-value human capital” drew immediate backlash across social media. Former Singapore President Halimah Yacob, called the language “disturbing.” “It’s demeaning to describe them as “lower-value human capital,” she wrote (12). “After the retrenchment, they need to look for other jobs and this negative description is not helpful.”

Winters sent an internal memo Wednesday seeking to walk back the remarks, writing that the coverage had reduced complex ideas to “simple headlines or a quote out of context (11).” He later apologized publicly in a (13)LinkedIn post on Friday (13), writing: “I have received a lot of support for the messages in my previous posts, but I still get questions about my choice of words, which I know has caused upset to some colleagues. For that, I am sorry.”

Dimon, who called Winters a friend — Winters spent 26 years at JPMorgan before joining Standard Chartered, and said that “all of us say something incorrectly”. “It was an inartful way to say something,” (14)he said (14), “AI will affect everyone, not just lower-skilled employees.”

If you work in financial services, Dimon’s remarks are a clear signal of direction. Junior banking roles, like analyst-level research, pitch deck prep, document review, and model building, are the tasks that startups like Rogo and Hebbia are automating now. AI agents from companies like Anthropic are also built to handle these jobs directly, and the firms building these tools are already selling to Wall Street.

For regular bank customers, AI’s already handling fraud detection, customer service routing, and risk assessment at JPMorgan. As these tools get better, the people managing your money will increasingly be the folks managing the AI — not the bankers the AI replaced.

Dimon’s message to people worried about this shift was what he’s been saying for months: the disruption is coming, it’s manageable if you plan for it, and anyone who pretends otherwise is making a mistake. “Society needs to get prepared,” he said (15). “I’m not predicting it’ll be a problem. I’m simply saying now’s the time to start thinking about what you’ll do if it is.”

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JPMorgan Chase (1), (5); Bloomberg (2); Fintech Magazine (3); MarketWatch (4); CNBC (6); Finviz (7); Business Insider (8); X (9); Fortune (10); Fox Business (11); Facebook (12); LinkedIn (13); AOL (14); Yahoo Finance (15)

This article originally appeared on Moneywise.com under the title: Jamie Dimon warns the people managing your money will soon be 'AI people' — not the bankers they replaced

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