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JPMorgan's AI jobs now number 2,000 people and they should be safe from cuts

JPMorgan is well known as one of the biggest employers of AI talent. In yesterday's annual letter to shareholders, JPMorgan CEO Jamie Dimon explained why. 

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Dimon said the AI team at JPMorgan "now includes more than 2,000 AI/machine learning (ML) experts and data scientists." He says they have contributed to 400+ in-production use cases "in areas such as marketing, fraud and risk."

Many of these use cases have been around long before the generative AI boom... so what has JPMorgan been doing there? Dimon said it's been researching GenAI use cases, "most notably in software engineering, customer service and operations, as well as in general employee productivity."

JPMorgan has said before that it's "throwing resources" at AI. It's hired scouts to explore which innovations are happening in fintech, and has conducted research into synthetic data. JPMorgan's AI research team alone is around 200 people.

There's pressure to cut technology spending at banks, but AI might be exempt. Dimon said "many of these projects pay for themselves." This may not bode well for people working elsewhere in the bank, however. Dimon said AI innovations "may reduce certain job categories or roles, but it may create others as well."

For many engineers, the question is whether assisted coding with generative AI will render them superfluous. NVIDIA CEO Jensen Huang has implied coding as a skill is growing outdated. Dimon didn't elaborate on this. 

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AUTHORAlex McMurray Editor

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