JPMorgan Chase CEO Jamie Dimon believes the AI technological revolution is one of the most significant changes today and anticipates that in a few years it will lead to a reduction in the workforce of financial institutions, although he assured that “we’re not going to eliminate all our employees tomorrow with AI.”
“If we do well, we’ll continue to grow worldwide, but I assume there will be fewer employees in five years, yes,” Dimon said during an interview at the World Economic Forum in Davos, Switzerland.
The last surviving Wall Street banker from the Great Financial Crisis believes that we cannot ignore the implications of AI for employment, as it will eliminate jobs and perhaps create new ones, although he acknowledged that the process may be “too fast for society.”
In this regard, the JPMorgan CEO warned that if things move too quickly for society, governments and companies must intervene together and find a way to retrain or upskill people, in addition to implementing social assistance measures such as income support or early retirement.
“We need to be prepared for this to work this time,” he commented, referring to the network of measures that societies will have to implement to cope with the changes that technology is expected to drive.
“I think it should be done at a more local level, where someone tells JPMorgan: ‘We’ll give you incentives to retrain these people’… we could do things like that. We’re not going to eliminate all our employees tomorrow with AI,” he added.
ECONOMIC DISASTER DUE TO CREDIT CARDS
On another topic, Dimon did not hesitate to state that U.S. President Donald Trump’s idea of imposing a limit on credit card interest rates “would be an economic disaster,” although he assured that JPMorgan would survive, even if in the worst-case scenario it were forced to drastically reduce its credit card business. Last December, in a post on Truth Social, the occupant of the White House warned that his administration would not allow the American public to be “scammed” by credit card companies “that charge interest rates of 20% to 30%, and even more.”
“AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one-year limit on credit card interest rates of 10%,” Trump warned, emphasizing that the chosen date “coincides with the first anniversary of the historic and successful Trump administration.”
A STRONGER EUROPE AND NATO.
Regarding the geopolitical situation, Dimon expressed his support for “a stronger NATO,” as well as the importance of having “a stronger Europe.”
“I think that’s good for the United States. It’s good for Europe. They know what they have to do,” he said, referring to the recommendations of the ‘Draghi report’ on the single market and savings and investment policies. “They don’t have that common market. They have too much bureaucracy. Too many things that hinder them,” he lamented.
