JPMorgan Chase plans to slow down hiring, focus on efficiency, and implement AI

From Yahoo Finance: 2025-05-19 14:10:00

JPMorgan Chase hired 60,000 people in the last five years, but now plans to slow down on hiring, focusing on efficiency instead. AI will lead to a 10% staff reduction in certain divisions. Future hires will be strategic, with a focus on high-certainty areas. CEO Dimon emphasizes reducing bureaucracy.

CEO Jamie Dimon of JPMorgan also emphasized the importance of attrition and efficiency in a recent meeting with employees. The company reported strong first-quarter earnings, with a profit increase of 9% to $14.64 billion, beating analyst expectations.

The bank’s CFO, Jeremy Barnum, stated that they will continue to invest in high-certainty areas that link adding employees to revenue growth. Marianne Lake, CEO of consumer and community banking, is optimistic about AI’s impact on efficiency and productivity. Future hires will be primarily in banking and advisory roles in high-certainty areas.

Read more: JPMorgan Chase wants bosses to ‘resist’ hiring and use AI