JPM CEO Jamie Dimon says AI is reshaping the workforce, and the bank is planning a “massive redistribution.”

JPMorgan Chase CEO Jamie Dimon said the bank was taking steps to address the impact of artificial intelligence on its employees, part of what he said should be a broader societal response to the potentially disruptive nature of artificial intelligence.

At an investor meeting late Monday, Dimon described his bank’s internal plans to move employees into new roles as automation accelerates.

“We already have huge plans for redeployment [our] “Actually, we talked about that today, we have to step it up a little bit so we can take in people who are displaced — and we have people displaced by AI — and offer them other jobs,” Damon said.

JPMorgan, the world’s largest bank by market capitalization, has the largest annual technology budget in the industry at about $20 billion. Its executives have set an ambitious agenda to become “fundamentally innovative” for the age of artificial intelligence.

Even at this early stage, the bank’s workforce provides a snapshot of what happens when companies use AI technology, including models from OpenAI and Anthropic, which are used by JPMorgan’s AI portal.

The bank’s headcount was virtually unchanged at 318,512 over the past year, but there were changes beneath the surface: Operations and support staff were down 4% and 2%, respectively, as the company added 4% to roles that involve catering to customers and generating revenue.

It did this by using technology to increase the number of accounts each operations employee can handle (up 6%), reduce the cost per unit of fraud handling (down 11%), and make their software engineers 10% more efficient, according to the bank’s presentation.

JPMorgan has doubled its use cases for generative AI this year, with a focus on customer service and the company’s technology workers, Jeremy Barnum, JPMorgan’s chief financial officer, said at an investor meeting.

A JPMorgan spokeswoman declined to provide further details about Dimon’s comments about the redistribution plans.

When an analyst asked Monday if Dimon was concerned about the risk of widespread unemployment due to AI — one of several widespread concerns as every AI model update seems to decimate public company stocks in recent weeks — Dimon had this response: “We will deploy AI to the best of our ability to do a better job for our clients.”

The CEO has previously likened the potential impact of AI to that of electricity or printing.

Along with his bank’s “massive redeployment plans,” Dimon expressed concern that rapid adoption of AI could put entire careers out of business.

As a thought experiment, he asked, what if self-driving trucks were introduced overnight?

“Would you do that if you put two million people on the street?” Damon asked. “The next job is $25,000 a year, stocking shelves.”

He said companies and governments need to start planning for this threat now, with ideas including assistance and training for displaced workers.

“The community has to think about what they want to do if it becomes this kind of problem,” Damon said. “Now is a good time to start thinking about it.”