Following Tech Giants, Wall Street Also Sees a Wave of "AI Job Replacement"!

　　JPMorgan Chase pointed out in its third-quarter earnings report on Tuesday that although profit increased by 12% year-over-year to $14.4 billion, employee headcount only grew by 1%. CFO Jeremy Barnum told analysts that as JPMorgan deploys artificial intelligence across its businesses, the bank's managers have been instructed to avoid hiring new staff.

　　JPMorgan Chase is the world's largest bank by market value and a dominant force in mainstream American and Wall Street finance. Last month, media reports indicated that the bank plans to integrate AI into every customer and employee experience, as well as every back-end process.

　　Barnum stated that JPMorgan is "very reluctant to make knee-jerk hiring reactions to any given need." As of September, JPMorgan had a total of 318,153 employees. The CEO of JPMorgan also noted this month that AI will eliminate some jobs, but the company will retrain affected employees, and the total headcount might still increase.

　　"This doesn't just mean redesigning our platforms. It means a comprehensive review of how we organize our staff, how we make decisions, and how we think about productivity and efficiency."

　　Solomon pointed out that for his employees, the result is: Goldman Sachs will "limit headcount growth" this year and cut a limited number of positions. Memos show that Goldman Sachs' AI projects will take years to implement and will be measured against goals such as improving customer experience, increasing profitability and productivity, and enriching the employee experience.

　　It is not hard to see that the rhetoric from America's largest banks regarding artificial intelligence echoes that of tech giants like Amazon and Microsoft. Leaders of these companies have already told employees to prepare for disruptions brought by AI, including hiring freezes and layoffs.

　　Since the beginning of this year, as the foundational models of AI technology have become more powerful and investors reward companies seen as leading in this field, businesses across various industries have become more outspoken about the potential impact of AI on employees. In the banking industry, operational staff are usually the most vulnerable to job replacement.