JPMorgan Chase Chairman and CEO Jamie Dimon said the bank had reduced jobs by 30% or 40% in “discrete areas” while pursuing efficiency from artificial intelligence, according to a transcript of the company’s second-quarter 2026 earnings call reported by Benzinga. His statement did not describe a reduction of that size across JPMorgan as a whole.
Dimon said most of the affected people were offered jobs elsewhere, according to the transcript. The supplied sources do not identify the affected areas, provide an absolute number of eliminated roles, state when the reductions occurred or say how many people accepted internal offers.
The disclosure came as JPMorgan reported its second-quarter results on July 14, 2026. The company’s Form 8-K reported net income of $21.2 billion and net income excluding specified significant items of $16.9 billion.
What JPMorgan disclosed
During the earnings call, Dimon said JPMorgan expected AI to produce substantial efficiency in certain parts of the company, according to Benzinga’s transcript. He pointed to “discrete areas” where the bank had reduced jobs by 30% or 40%.
Reuters reported that JPMorgan had reduced jobs by 30% to 40% in some areas due to AI. Fast Company also reported Dimon’s disclosure that AI-related productivity gains had led JPMorgan to eliminate jobs in some areas and reproduced his “discrete areas” qualification.
The percentages apply to the undefined “discrete areas” described by Dimon. The supplied sources do not state that JPMorgan cut 30% to 40% of its total workforce, that every department experienced reductions or that all of the bank’s AI projects led to job losses. They do not provide the starting workforce figures needed to calculate how many jobs the percentages represent.
Offers elsewhere and preparation for retraining
Dimon said most people affected by the reductions were offered jobs elsewhere, according to the transcript reported by Benzinga. Fast Company reported the same qualification. Reuters reported that most affected employees were able to find positions within the company.
Dimon did not say everyone received or accepted an offer. The supplied sources do not state how many people accepted internal offers or identify the employment status of everyone affected. They also do not say whether the offers preserved pay, seniority, work location or duties.
Dimon also said JPMorgan was preparing to retrain its people, according to Benzinga’s transcript. The supplied sources do not give a timetable, curriculum, participation figure or list of people covered by that preparation.
Almost 1,000 AI use cases
Dimon said JPMorgan had almost 1,000 AI use cases, with 50 described as particularly important, according to Benzinga’s transcript. He listed areas including risk, fraud, marketing, hedging, prospecting, note-taking, idea generation and document reading.
The supplied sources do not identify which areas experienced the 30% or 40% job reductions. They also do not connect a particular use case to a specific eliminated role or state that each listed application reduced staffing.
Limits of the disclosure
The supplied sources do not identify the functions affected by the reductions, the total number of jobs removed, the timing of the reductions or the employment outcome for every affected person. They also do not provide corresponding firmwide workforce figures that would show whether the reductions resulted in a net decline in JPMorgan’s total employment.
The supported conclusion remains narrow: Dimon said JPMorgan reduced jobs by 30% or 40% in undefined “discrete areas” while pursuing AI-enabled efficiency, and he said most affected people were offered jobs elsewhere. The supplied evidence does not support applying those percentages to JPMorgan’s overall workforce.
Financial context
JPMorgan’s July 14 Form 8-K reported second-quarter net income of $21.2 billion. It also reported net income of $16.9 billion excluding specified significant items. Reuters independently reported JPMorgan’s second-quarter financial results.
The supplied sources do not quantify how much the job reductions contributed to profit, identify savings associated with the affected areas or state whether the reductions were reflected entirely in the second quarter.
Sources
- SEC Filing | JPMorgan Chase & Co. — JPMorgan Chase & Co.
- JPMorgan Chase Reports Q2 2026 Results: Full Earnings Call Transcript — Benzinga
- JPMorgan posts highest quarterly profit ever by a U.S. bank as dealmaking, stock trading surge — Reuters
- Jamie Dimon says JPMorgan has slashed 40% of jobs in some departments, thanks to AI — Fast Company