{"id":1871,"date":"2025-10-16T03:56:27","date_gmt":"2025-10-16T03:56:27","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/jpmorgan-chase-goldman-sachs-already-using-ai-to-hire-fewer-people\/"},"modified":"2025-10-16T03:56:27","modified_gmt":"2025-10-16T03:56:27","slug":"jpmorgan-chase-goldman-sachs-already-using-ai-to-hire-fewer-people","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/jpmorgan-chase-goldman-sachs-already-using-ai-to-hire-fewer-people\/","title":{"rendered":"JPMorgan Chase, Goldman Sachs already using AI to hire fewer people"},"content":{"rendered":"\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108052476\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Jamie Dimon, chief executive officer of JPMorgan Chase &amp; Co., at the Institute of International Finance (IIF) during the annual meetings of the IMF and World Bank in Washington, DC, US, on Thursday, Oct. 24, 2024.\u00a0<\/p>\n<p>Kent Nishimura | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The era of artificial intelligence on Wall Street, and its impact on workers, has begun.<\/p>\n<p>Big banks including <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">JPMorgan Chase<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Goldman Sachs<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> are unveiling plans to reimagine their businesses around AI, technology that allows for the mass production of knowledge work.<\/p>\n<p>That means that even during a blockbuster year for Wall Street as trading and investment banking spins off billions of dollars in excess revenue \u2014 not typically a time the industry would be keeping a tight lid on head count \u2014 the companies are hiring fewer people.<\/p>\n<p>JPMorgan said Tuesday in its third-quarter earnings report that while profit jumped 12% from a year earlier to $14.4 billion, head count rose by just 1%.<\/p>\n<p>The bank&#8217;s managers have been told to avoid hiring people as JPMorgan deploys AI across its businesses, CFO Jeremy Barnum told analysts.<\/p>\n<p>JPMorgan is the world&#8217;s biggest bank by market cap and a juggernaut across Main Street and Wall Street finance. Last month, CNBC was first to report about JPMorgan&#8217;s plans to inject AI into every client and employee experience and every behind-the-scenes process at the bank.<\/p>\n<p>The bank has &#8220;a very strong bias against having the reflexive response to any given need to be to hire more people,&#8221; Barnum said Tuesday. JPMorgan had 318,153 employees as of September.<\/p>\n<p>JPMorgan CEO Jamie Dimon told Bloomberg this month that AI will eliminate some jobs, but that the company will retrain those impacted and that its overall head count could grow.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">&#8216;Constrain headcount&#8217;<\/h2>\n<div class=\"group\">\n<p>At rival investment bank Goldman Sachs, CEO David Solomon on Tuesday issued his own vision statement around how the company would reorganize itself around AI. Goldman is coming off a quarter where profit surged 37% to $4.1 billion.<\/p>\n<p>&#8220;To fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations,&#8221; Solomon told employees in a memo this week.<\/p>\n<p>&#8220;This doesn&#8217;t just mean re-tooling our platforms,&#8221; he said.\u00a0&#8220;It means taking a front-to-back view of how we organize our people, make decisions, and think about productivity and efficiency.&#8221;<\/p>\n<p>The upshot for his workers: Goldman would &#8220;constrain headcount growth&#8221; and lay off a limited number of employees this year, Solomon said.<\/p>\n<p>Goldman&#8217;s AI project will take years to implement and will be measured against goals including improving client experiences, higher profitability and productivity, and enriching employee experiences, according to the memo.<\/p>\n<p>Even with these plans, which is first looking at reengineering processes like client onboarding and sales, Goldman&#8217;s overall head count is rising this year, according to bank spokeswoman Jennifer Zuccarelli.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Tech inspired?<\/h2>\n<div class=\"group\">\n<p>The comments around AI from the largest U.S. banks mirror those from tech giants including <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\">Amazon<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\">Microsoft<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>, whose leaders have told their workforces to brace for AI-related disruptions, including hiring freezes and layoffs.<\/p>\n<p>Companies across sectors have become more blunt this year about the possible impacts of AI on employees as the technology&#8217;s underlying models become more capable and as investors reward businesses seen as ahead on AI.<\/p>\n<p>In banking, the dominant thinking is that workers in operational roles, sometimes referred to as the back and middle office, are generally most exposed to job disruption from AI.<\/p>\n<p>For instance, in May a JPMorgan executive told investors that operations and support staff would fall by at least 10% over the next five years, even while business volumes grew, thanks to AI.<\/p>\n<p>At Goldman Sachs, Solomon seemed to warn the firm&#8217;s 48,300 employees that the next few years might be uncomfortable for some.<\/p>\n<p>&#8220;We don&#8217;t take these decisions lightly, but this process is part of the long-term dynamism our shareholders, clients, and people expect of Goldman Sachs,&#8221; he said in the memo.\u00a0&#8220;The firm has always been successful by not just adapting to change, but anticipating and embracing it.&#8221;<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108205563\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108205563\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000390514\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jamie Dimon, chief executive officer of JPMorgan Chase &amp; Co., at the Institute of International Finance (IIF) during the annual meetings of the IMF and World Bank in Washington, DC, US, on Thursday, Oct. 24, 2024.\u00a0 Kent Nishimura | Bloomberg | Getty Images The era of artificial intelligence on Wall Street, and its impact on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1639,764,1822,1638,1379,765],"class_list":["post-1871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-chase","tag-goldman","tag-hire","tag-jpmorgan","tag-people","tag-sachs"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=1871"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/1872"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=1871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=1871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=1871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}