JPMorgan CEO Comments on Bank Executive's AI Remarks

JPMorgan CEO Jamie Dimon addressed comments made by Standard Chartered CEO Bill Winters about replacing some support staff amid AI adoption. Dimon spoke at JPMorgan's China Summit in Shanghai on Thursday. Dimon said Winters, who previously worked at JPMorgan for 26 years, could have chosen different wording.

"Bill's a friend of mine and all of us say something incorrectly," Dimon said. " Winters had described planned staff reductions as replacing lower-value human capital with financial capital and investment. The remarks drew online criticism, after which Winters issued an internal memo stating that role changes reflect shifts in work rather than the value of employees.

Dimon said AI will affect every app, process, and job at the bank. He listed current uses in marketing, fraud detection, hedging, and document management. Dimon stated the bank will offer reskilling, new positions, relocation, or early retirement to employees whose roles change.

He added that society should prepare for broader workforce impacts through training partnerships between schools and businesses. Dimon noted there will be 8 million trade jobs paying $100,000 a year available in the United States over the next five years.

He has previously said AI could reduce the average workweek to 3.5 days over the next 30 years.