JPMorgan Chase is trying to use AI to cut down its headcount.
At the company’s annual investor day on Monday, JPMorgan’s CEO of consumer and community banking, Marianne Lake, 56, gave a presentation predicting that AI would allow the bank to reduce employee numbers by 10% in the operations and account services departments. The operations division processes statements and payments, while the account services unit manages day-to-day transactions.
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Lake, who runs Chase Bank and its credit card business, said that 10% was a modest estimate — the bank would most likely “deliver more” in headcount reductions.
“I would