Overview

• JPMorgan Chase has instructed managers to limit headcount growth and focus on efficiency, leveraging AI to streamline operations.
• The bank expects a 10% reduction in operations staff, particularly in areas like fraud, payment processing, and account services.
• Strategic hiring will continue in revenue-generating roles such as bankers, advisors, and branch staff to maintain growth momentum.
• CEO Jamie Dimon emphasized the role of AI in transforming jobs and reiterated his stance against remote work, favoring in-office collaboration.
• JPMorgan remains on track to achieve its financial targets, including 17% ROTCE and a $95 billion annual spending plan.