Good morning, JPMorgan CEO Jamie Dimon says they'll need fewer bankers but more AI people. Meanwhile Europeans issue a warning to banks over their use of AI.
🔥 Today's stories
1. Jamie Dimon says JPMorgan Will Probably Hire Fewer Bankers in the Future and More 'AI People'
The CEO explicitly confirmed that AI efficiencies will lead to downsizing in traditional banking roles, while the firm actively pivots its hiring strategy toward AI specialists.
2. EU Regulators Warn Bank CEOs Over AI Workforce Cuts
The European Banking Authority is stepping in as financial executives aggressively push AI to reduce headcount. Regulators are cautioning firms against moving too fast with automated workforce reductions.
3. WiseTech Cuts Employees, but Omits AI in Notice to Chinese Workers
China courts previously ruled it is illegal to replace someone with AI. So when WiseTech cut employees, they omitted AI from emails sent to Chinese employees.
4. Cloudflare CEO Explains How He Chose To Replace Workers With AI
Op-ed piece from the Cloudflare CEO on why he cut headcount and how he decided on who to let go. It wasn't out of necessity, "We posted record revenue growth, have strong financials and are adding an unprecedented number of customers around the world."
5. AI Cuts Mortgage Servicing Costs by up to 50%
AI adoption in the sector has more than doubled since 2023, reaching 38% this year. Maybe it will be a bit cheaper on closing cost next time you buy a house?
6. Gov. Gavin Newsom to Sign Executive Order Aimed at A.I. Job Loss
California is actively exploring overhauls to its labor policies to mitigate the threat of mass workforce displacement caused by artificial intelligence.
7. Coinbase AI Takes Over Compliance Work, Cutting Resolution Times by 90%
They say humans are still validating every final decision.
⚡ Also worth knowing
Keeping Up With AI Has Become Biglaw’s Full-Time Job: They should just read our newsletter ;)
How AI is Reshaping the Future of Healthcare Jobs: Predictions about healthcare AI including much more work surveillance.
AI Agents Replace Headcount as the New Measure of Corporate Prestige: Corporate prestige shifts from human headcount to AI agent deployment.
AI is Giving Software Engineers Decision Fatigue: Developers face burnout as AI shifts their work from writing code to reviewing.
In China you can't cut an employee for AI but in the US you've got Cloudflare's CEO writing a full methodology article.
Reply with your job title and I'll tell you which story should worry you most.
Leo @ AI Takeover Tracker