AI will reshape how banks hire and organise work, as JPMorgan Chase shifts towards AI talent and redeploys roles through attrition, not layoffs
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naddr1qv…hnuqJPMorgan's Workforce Strategy: Attrition Over Layoffs JPMorgan Chase, under CEO Jamie Dimon, plans to integrate AI deeply into its workforce, shifting hiring towards AI specialists and reducing traditional banking roles over time through attrition rather than layoffs. This approach utilizes natural employee turnover to retrain and redeploy staff into evolving functions, signaling a long-term capability focus. Meanwhile, Standard Chartered aims to eliminate 7,800 back-office roles by 2030, and Cognizant's CEO dismisses AI job collapse fears, planning to hire 20,000 graduates. - JPMorgan Chase CEO Jamie Dimon anticipates AI will reshape nearly every role, increasing demand for AI talent and potentially reducing traditional banking positions. - The bank plans to manage workforce changes through attrition, utilizing a 10% annual turnover rate to retrain and redeploy employees rather than resorting to layoffs. - Standard Chartered intends to eliminate approximately 7,800 back-office roles by 2030, framing it as a shift towards investment capital replacing 'lower-value human capital'. - Cognizant CEO Ravi Kumar S plans to hire over 20,000 graduates in 2025, calling fears of an AI job collapse 'fearmongering'. - Research suggests companies cutting workforces due to AI do not necessarily see better returns than those that do not. - HR leaders are advised to proactively map roles, identify automation risks, design reskilling pathways, and communicate clearly about changes to manage the AI-driven workforce transition deliberately. Continue reading https://aimagazine.com/news/jpmorgans-workforce-strategy-attrition-over-layoffs