JPMorgan CEO Jamie Dimon Says He'll Hire Less People in the Next Five Years Due to AI

JPMorgan Chase CEO Jamie Dimon has acknowledged that Artificial Intelligence will reduce hiring at the bank over the next five years, but warned against companies rushing to replace workers with automation. Speaking at the World Economic Forum in Davos, Dimon admitted that the bank will likely not hire as many people over the coming years as AI becomes more integrated into operations.

However, the banking chief cautioned that there could be serious consequences if companies hastily lay off employees to replace them with AI. Dimon argued that safeguards are necessary to prevent social unrest and said he would welcome government intervention to ban mass redundancies driven by automation. AI-related layoffs have been relatively limited, with analysis firm Challenger, Gray & Christmas reporting around 55,000 positions terminated due to automation in 2025, representing more than 75 per cent of overall AI-related redundancies since 2023.

Gradual Transition Needed

Dimon said he has plans to protect the hundreds of thousands of workers JPMorgan employs. The bank currently has approximately 310,000 employees globally, making it one of the largest employers in the financial services sector. JPMorgan has already been investing heavily in AI and technology, with the bank holding over 1,000 AI and machine learning patents.

He cited the commercial lorry industry as an example, noting that suddenly shifting to fully autonomous vehicles could displace people earning six-figure salaries. 'Phase it in. Retrain,' said Dimon. 'You can't lay off two million truckers tomorrow. You can phase it in over time.'

The JPMorgan CEO added that if such strategies prove insufficient and government intervention becomes necessary to prevent sudden mass redundancies, he would support it, particularly if driven by local incentives. 'We would agree – if we have to do that to save society,' said Dimon. 'Society will have more production. We're going to cure a lot of cancers. You're not going to slow it down. How do you have plans in place to make it work better if it does something terrible?'

Criticism of Corporate Leadership

Beyond AI's workplace impact, Dimon offered some criticisms of his peers at Davos. When asked whether there was a 'climate of fear' amongst fellow American CEOs, Dimon suggested that corporate leaders have failed to make meaningful progress on global challenges.

'I've been coming to Davos all these years and listen to chatter and stuff like that,' said the JPMorgan CEO. 'And you didn't do a particularly good job making the world a better place. I think it's great we get together and talk.'

Political Stance

Dimon was also questioned on political matters, including President Donald Trump's immigration policies and their economic implications. The banker has previously voiced support for some of Trump's policies whilst remaining critical of others, positioning himself as one of the few corporate leaders willing to publicly challenge aspects of the administration's agenda.

'I've made it clear that I want a stronger NATO, a stronger Europe. Some of the things Trump has done are causing that, some are not,' said Dimon. 'I'm not a tariff guy, though I'd use it in cases. I think they should change their approach to immigration. I've said it.'