Jamie Dimon says AI has cut some JPMorgan jobs by 40%

JPMorgan CEO Jamie Dimon told analysts that AI has let the bank cut jobs by as much as 30-40% in some areas, though most affected staff were offered other roles. But he cautioned that AI won't dramatically shrink JPMorgan's costs, arguing competition forces banks to pass efficiency gains to customers: "If that were true, our margins would be 80% today because of computerization." JPMorgan's CFO said token spending will be an important question going forward. The comments came as five major banks posted profit jumps, with Dimon separately warning markets are "close to as good as it gets."

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