Jamie Dimon says JPMorgan has slashed 40% of jobs in some departments…

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. If you build tools that automate banking operations—compliance, settlements, data processing—JPMorgan just proved the buyer exists and the cuts are real: 30-40% headcount elimination in specific departments. Your customer now needs to retrain or replace those roles, and you're the replacement.