Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people

Core Insights - The era of artificial intelligence (AI) on Wall Street has begun, with major banks like JPMorgan Chase and Goldman Sachs planning to integrate AI into their business models [1][3] - Despite a strong financial performance, JPMorgan is hiring fewer employees, indicating a shift towards automation and AI-driven processes [2][4] Group 1: Financial Performance - JPMorgan reported a 12% increase in profit year-over-year, reaching $14.4 billion, while headcount only increased by 1% [2] - The bank's management has been instructed to limit hiring as AI is deployed across various business functions [3] Group 2: AI Integration and Workforce Impact - JPMorgan aims to incorporate AI into every client and employee experience, as well as behind-the-scenes processes [3] - The bank has a strong inclination to avoid hiring as a reflexive response to business needs, with a total of 318,153 employees as of September [4] - CEO Jamie Dimon acknowledged that while AI may eliminate some jobs, the company plans to retrain affected employees, suggesting potential for overall headcount growth in the long term [4]