Here's what big bank CEOs have said about AI's impact on head count

Core Insights - The implementation of AI in banking is expected to enhance efficiency but also lead to job reductions, with executives acknowledging the need for adaptation in workforce strategies [2][4][22]. Group 1: Executive Perspectives on AI and Employment - Jamie Dimon, CEO of JPMorgan, stated that while AI will change job roles, it could also create new opportunities in cybersecurity and maintain or increase headcount if managed well [1][5]. - David Solomon, CEO of Goldman Sachs, emphasized that AI will allow the bank to afford more high-value employees, although it will also lead to a slowdown in hiring and potential job cuts [8][10]. - Jane Fraser, CEO of Citigroup, noted that generative AI is already improving productivity significantly, but expressed concern that it might negatively impact the job market before its benefits are fully realized [17][18]. Group 2: Expected Changes in Workforce - Marianne Lake, CEO of consumer and community banking at JPMorgan, projected a 10% reduction in headcount in operations by 2029 due to increased efficiency from AI [6]. - Charles Scharf, CEO of Wells Fargo, indicated that the bank has already reduced its workforce by nearly 25% since 2019 and expects this trend to continue, attributing it to inefficiencies [21][23]. - Brian Moynihan, CEO of Bank of America, acknowledged that while AI has reduced the size of some departments, the focus is on retraining employees for roles that AI cannot fulfill [25].