Jamie Dimon says AI already reduced jobs in some areas by 40% — but it's not making JPM dramatically cheaper to run

JPMorgan CEO Jamie Dimon stated that artificial intelligence has already reduced jobs by up to 40% in certain areas of the bank. Dimon also noted that the bank's spending on token-related services is currently 'trivial' but is expected to accelerate in the second half of 2026.

Dimon said the job reductions varied by department, with some areas seeing reductions of as much as 40% due to AI automation. However, he emphasized that the overall cost savings from AI have not yet made JPMorgan 'dramatically cheaper to run.' The token expenses, which are part of the bank's blockchain and AI initiatives, are currently minimal but are projected to increase significantly later this year. Dimon did not specify the exact number of jobs eliminated or the total value of token expenditures.

The comments come amid broader industry discussions about AI's impact on employment and operational costs. JPMorgan, one of the largest banks globally, has been investing heavily in AI and blockchain technologies. Dimon's statements suggest that while AI is reducing headcount in specific functions, the financial benefits are still developing. The accelerated token spending in the latter half of 2026 indicates a strategic ramp-up in these technologies, but the overall cost structure of the bank has not yet experienced a significant shift.