AI in banking. Profits are rising, but employment stagnates.
Reports are showing record profits. But in HR departments, there’s silence. The world’s largest banks are taking advantage of the fact that the new workforce doesn’t need a desk, a contract or a lunch break.
It’s the official strategy now. JPMorgan Chase and Goldman Sachs, the world’s two biggest banks, are reshaping their structures by integrating artificial intelligence into every area of their operations. The result? Record-breaking financial performance with almost no change in employment levels.
The latest reports reveal that in the third quarter JPMorgan made a whopping %14.4 billion, up 12% from the previous year. However, the number of employees only increased by 1%. As CFO Jeremy Barnum explains, the bank’s leadership has been advised to hold off on hiring new staff as JPMorgan implements artificial intelligence across all its units. A few weeks ago, the bank’s CEO assured that although AI will lead to some job cuts, the company will retrain those affected and the overall number of employees might even grow.
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