The debate on Wall Street is no longer about quarterly profits or the trajectory of interest rates, but has shifted to a deeper and more sensitive question: What is the future of human beings within financial institutions in the age of artificial intelligence? As major American banks announce their financial results, the outlines of a pivotal phase are beginning to emerge, one in which artificial intelligence is no longer merely an aid, but a force capable of fundamentally reshaping the landscape of jobs.
The statements of Jamie Dimon, CEO of JPMorgan Chase, the largest American bank, were direct and shocking. Known for his outspokenness, he stated unequivocally that artificial intelligence will eliminate jobs, urging people to stop sugarcoating reality and confront it as it is. Despite his sharp tone, his remarks were not entirely pessimistic. In an interview with Fortune magazine, he indicated that the bank's workforce might remain stable, and perhaps even increase slightly, if this technology is effectively utilized.
Dimon believes that every job, without exception, will be affected, from routine tasks like note-taking to complex analysis and report writing. Conversely, he anticipates a surge in demand for cybersecurity experts, given the escalating battle against digital fraud, which has become increasingly sophisticated with the development of smart devices.
This approach wasn't unique to Dimon. The bank's CFO, Jeremy Barnum, emphasized that the institution wouldn't simply hire new staff, but would prioritize improving efficiency and making better use of existing human resources. Marianne Lake, head of the consumer banking sector, painted a clearer picture of the future, asserting that operational productivity could increase by up to 50% within five years thanks to automation and digital assistants.
At Goldman Sachs, the tone was more subdued, but the underlying message remained the same. CEO David Solomon acknowledged in an internal memo that artificial intelligence would force the bank to slow down hiring and reduce certain roles as part of an effort to make the institution more agile and adaptable to technological transformation. However, Solomon maintained that the number of employees could grow in the long term, provided they were highly skilled and added value, noting that technology would create new jobs, particularly in software development, according to Business Insider.
Citigroup is undergoing its biggest restructuring in years. CEO Jane Fraser announced that the bank will eliminate approximately 20,000 jobs as part of its ongoing transformation. In a message to employees, Fraser spoke frankly about jobs that will disappear, others that will change, and still others that will emerge from this transformation, emphasizing that the bank's image by 2026 will be completely different.
CFO Mark Mason reinforced this trend, explaining that staffing levels will continue to decline as the use of artificial intelligence expands. These weren't just theoretical statements; the bank has conducted over a million software reviews using smart tools, saving the equivalent of 100,000 work hours per week, along with significant improvements in customer service and personalized investment advice.
At Wells Fargo, the tone was even more direct. CEO Charles Scharf stated that anyone denying AI will reduce jobs either doesn't understand the reality or isn't telling the truth. The bank has reduced its workforce by more than a quarter since 2020, and Scharf asserts that AI has boosted engineer productivity by up to 35%. Although the reduction in programming jobs hasn't yet begun, he sees it as only a matter of time, with subsequent impacts on compliance, legal, and customer service departments.
In contrast, Bank of America took a less drastic approach, focusing on retraining employees and reassigning them to roles that AI struggles to perform. However, its CEO, Brian Moynihan, didn't hide the fact that the technology had reduced the size of some departments, explaining that its use in programming alone saved the equivalent of 2,000 employees. The digital assistant, Erica, also contributed to savings equivalent to 11,000 full-time jobs, thanks to more than 1.4 billion digital customer interactions.
At Morgan Stanley, the stance was clear: there was no time to delay. CEO Ted Beck emphasized the need to accelerate AI adoption, while CFO Sharon Yeshaya provided a compelling example, stating that a task that once required two human teams is now managed by a single human team supported by an AI team.
Amidst these differing stances, though similar in substance, the overall picture emerges: Wall Street is entering a new era where the number of jobs will decrease, but the quality will be higher, and the required skills will change radically. In this scenario, humans will not be pitted against machines, but rather forced to work alongside them, or risk being excluded from the game altogether.
