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

JPMorgan CEO Jamie Dimon disclosed that the bank has cut 30-40% of jobs in discrete departments due to AI productivity gains, though most affected employees were redeployed internally. The admission marks a shift from his earlier public stance that AI would not drive significant layoffs, whilst CFO Jeremy Barnum flagged rising AI token costs expected in the second half of the year.

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