Jamie Dimon says JPMorgan has slashed 40% of jobs in some departments, thanks to AI

JPMorgan Chase CEO Jamie Dimon has repeatedly suggested that AI adoption would not drive widespread layoffs at the bank. But on Tuesday, he disclosed that JPMorgan had made significant cuts to a number of departments due to AI.  Dimon shared the changes during the company’s latest earnings call, in response to a question about whether artificial intelligence could make companies like JPMorgan leaner, which referenced fintech company Block’s controversial decision to slash head count. “We fully expect it will have huge efficiency in certain parts of the company,” Dimon said. He added that AI...