Maybe There Is an Upside to the AI Craze

There are indications that LLM artificial intelligence could eliminate 200,000 jobs on Wall Street.

Eliminating 1 job on Wall Street is a good thing.

Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence.

Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday.

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Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc.

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Citi said in a report in June that AI is likely to displace more jobs across the banking industry than in any other sector. About 54% of jobs across banking have a high potential to be automated, Citi said at the time.

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Jamie Dimon could credibly be replaced with a talking toaster Jamie Dimon, JPMorgan’s chief executive officer, told Bloomberg Television in 2023 that AI is likely to make dramatic improvement in workers’ quality of life, even if it eliminates some positions. “Your children are going to live to 100 and not have cancer because of technology,” Dimon said at the time. “And literally they’ll probably be working three-and-a-half days a week.”

The obvious question is, "Who gets cut."

I would suggest CEOs, CIOs, CMOs, and CHROs to start.