JPMorgan Chase Integrates AI Training for All New Hires

JPMorgan Chase is now requiring all new employees to undergo artificial intelligence (AI) training as part of their onboarding process. This initiative, announced by Mary Erdoes, head of the bank’s asset and wealth management unit, aims to prepare the workforce for future advancements in AI technology.

Speaking at JPMorgan’s investor day, Erdoes emphasised the dual benefits of AI in her division: enhancing revenue growth and increasing efficiency. By leveraging AI, bankers can quickly access critical information during client calls, reducing the time spent on mundane tasks. This shift has reportedly saved some analysts two to four hours daily.

JPMorgan President Daniel Pinto highlighted the significant impact AI is expected to have on the bank’s operations. He estimated that AI could contribute between $1 billion and $1.5 billion, affecting nearly half of the company’s workforce, including 60,000 developers and 80,000 operations and call centre employees.

CEO Jamie Dimon also addressed the role of AI in the bank’s future, noting that JPMorgan is actively preparing for his eventual succession. Dimon, who has long hinted at retirement, confirmed that the timeline for his departure is no longer a distant prospect.

In his annual letter to shareholders, Dimon compared AI’s potential impact to transformative technologies like the printing press and the internet. He highlighted the bank’s ongoing investment in AI for applications such as marketing, fraud detection, and risk management. Additionally, JPMorgan is exploring the use of generative AI for software engineering, customer service, and operational tasks.

Dimon expressed confidence that AI will augment almost every job at the bank, potentially altering workforce composition by creating new roles while reducing others.

JPMorgan’s AI training program reflects a broader industry trend of preparing employees for an AI-driven future. As various industries undergo transformation due to AI, there is an urgent need to equip workers with the necessary skills to thrive in this new landscape.