<div id="readability-page-1" class="page"><div><div><p>The boss of JP Morgan has said the Wall Street giant will need fewer bankers in the future as a result of AI.</p><p>Jamie Dimon said the technology would “reduce some of our jobs down the road” in comments likely to fuel anxieties about a downturn in white-collar jobs.</p><p>“AI is going to change jobs. It will reduce some of our jobs down the road,” Mr Dimon said in a Bloomberg Television interview at the bank’s China summit in Shanghai on Wednesday.</p><p>“I think we will be hiring more AI people and probably fewer bankers in certain categories.”</p><p>JP Morgan, the largest bank in the US, employs more than 300,000 people in 100 countries, including more than 20,000 in Britain.</p><p>Mr Dimon made the comments just days after Bill Winters, Standard Chartered’s boss, attracted backlash after saying AI will wipe out “lower-value human capital”.</p></div></div><div><div><p>Standard Chartered said it would cut nearly 8,000 jobs, or around 15pc of its workforce, as AI agents increasingly replace back-office staff.</p><p>After a backlash, Mr Winters backpedalled from the comments and reassured staff that “the future of Standard Chartered depends on the talent, judgment, relationships and commitment of you, our colleagues.”</p><p>When asked about Mr Winters’s original “lower-value human capital” comment, Mr Dimon said: “It was an inartful way to say something, but I also think it will be all jobs. I don’t think it will be higher level or lower level, but I think it will be more than you think.”</p><p>Mr Dimon said some JP Morgan staff would be retrained and redeployed in the wake of the AI revolution, but signalled that not everyone would survive the change.</p><p>“We are going to give them reskilling, new skills, better jobs, move them somewhere else, maybe early retirement,” he said.</p><p>Forecasts vary widely in how many jobs will ultimately be replaced by AI. </p><p>However, Dario Amodei, the chief executive of Anthropic, has warned that AI could eliminate up to half of entry-level white-collar jobs across fields such as law, finance and consulting. This could lead to the US unemployment rate rising to 20pc within the next few years.</p><p>The effect of AI may already be playing out in Britain’s job market. Graduate and entry-level roles in Britain are at historic lows, with young people struggling to find starter jobs in industries such as financial services.</p></div></div></div>

FNCL

<p>JP Morgan's CEO Jamie Dimon stated that AI will lead to a reduction in the number of bankers needed in the future, suggesting a shift towards hiring more AI specialists. He acknowledged that while some employees will be retrained, not all will retain their positions. This follows similar comments from Standard Chartered's CEO, who faced backlash for suggesting AI would eliminate lower-value jobs. Predictions indicate AI could significantly impact entry-level white-collar jobs, potentially raising US unemployment rates.</p>

The telegraph

JPMorgan Chase

Fidelity MSCI Financials Index

Defiance Daily Target 2X Long JPM ETF

Financial Select Sector SPDR Fund

VG Financial

ISHRS Us Brokers & Sec Exchg

STANCHART

Standard Chartered PLC

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JP Morgan boss: AI means we’ll need fewer bankers