AI Reconstructs Wall Street: JPMorgan Chase has launched a large-scale internal job relocation plan

JPMorgan Chase CEO Jamie Dimon stated that the bank is taking measures to address the impact of artificial intelligence on employees, while he believes that society as a whole should respond more broadly to the potentially disruptive effects of AI. Dimon introduced the company's internal plans at an investor meeting on Monday evening: as the automation process accelerates, the bank will redeploy employees to new positions. Dimon stated: "We have developed a large-scale internal redeployment plan for our employees. In fact, we discussed this today, and we must further strengthen this effort. For those employees who have been displaced by AI — we do have employees affected by AI — we will provide them with other job opportunities." As the largest bank in the world by market capitalization, JPMorgan Chase has an annual technology budget of nearly $20 billion, the largest in the industry. The bank's executives have set an ambitious goal: to achieve a "fundamental restructuring" in the age of AI. Even at this relatively early stage, the changes in JPMorgan Chase's employee structure provide a glimpse into how businesses can utilize AI technology. The bank uses models including OpenAI and Anthropic through its own AI portal. Over the past year, the total number of JPMorgan Chase employees has remained stable at approximately 318,512. However, the internal structure has changed: the number of employees in operations and support roles has decreased by 4% and 2%, respectively, while positions related to customer service and revenue generation have increased by 4%. These changes are primarily attributed to the application of technology: the number of accounts each operations employee can handle has increased by 6%; the cost of processing fraud per unit has decreased by 11%; and the productivity of software engineers has improved by 10%. JPMorgan Chase CFO Jeremy Barnum stated at the investor meeting that this year, the number of generative AI application scenarios at JPMorgan Chase has doubled, focusing on customer service and company technical personnel. On Monday, an analyst asked Dimon whether he was concerned about the potential for AI to trigger large-scale unemployment risks — recently, as AI models have been continuously updated, related stocks have fluctuated significantly, increasing market concerns. Dimon responded, "We will do our utmost to deploy AI to provide better service to our clients." Previously, Dimon compared the potential impact of AI to the invention of electricity or printing. In addition to developing a "large-scale redeployment plan" for the bank, Dimon also expressed concerns that the rapid proliferation of AI could lead to job losses across entire occupational groups. He posed a hypothetical scenario: what would happen if self-driving trucks were fully deployed overnight: "If this would cause 2 million people to lose their jobs, would you still do it? Their next jobs might only pay $25,000 a year, like restocking shelves in a supermarket. Businesses and governments need to start preparing for this risk now, including providing assistance and training for displaced employees. If the problem really develops to that extent, society must think about what to do. Now is the time to start thinking."