JPMorgan Is Betting on AI and Letting Attrition Do the Rest

JPMorgan Chase is telling its managers to slow down on hiring. After adding more than 60,000 employees over the last five years, the country’s largest bank is pulling back and placing a new wager on artificial intelligence to drive efficiency. “We’re asking people to resist headcount growth where possible and increase their focus on efficiency,” CFO Jeremy Barnum told investors at the bank’s annual Investor Day in New York. That shift is already being felt inside the bank’s sprawling operations division, where AI is expected to replace at least 10% of jobs involved in fraud detection, payment processing, and account services. “I would take the over on this projection and bet that we will deliver more,” said Marianne Lake, CEO of Consumer and Community Banking, suggest