AI Cuts Up to 40% of Jobs in Some Roles at JPMorgan, CEO Says

Big Wall Street banks just shared their latest results — and the biggest talking point is how artificial intelligence (AI) is reshaping jobs and business.

Jamie Dimon, the CEO (Chief Executive Officer — the top boss) of JPMorgan Chase, one of the largest banks in the world, said AI has helped the bank cut up to 40% of jobs in certain roles. In simple terms, computers are now doing work that people used to do in some parts of the company.

But not every bank leader sees AI as a job killer:

• David Solomon, CEO of Goldman Sachs (a major investment bank), said AI should *enhance* workers, not replace them. He called worries about an AI "job apocalypse" overblown.
• Brian Moynihan, CEO of Bank of America, said managing staff numbers is up to company leaders. His bank actually hired 2,000 interns and 2,000 permanent staff, and needs to hire about 1,300 people a month just to keep its total workforce steady.

On the economy, the mood was mostly positive:

• Moynihan said the "economy is running fine right now."
• Inflation (the rate at which prices rise over time) is slowly falling, though he doesn't expect it to fully cool until 2028.
• Consumers kept spending even when gas prices rose, and lower-income households are seeing wages grow.

Goldman Sachs had good news too. Solomon said the bank's deals backlog (the pipeline of business deals waiting to close, like company mergers) is at its highest level in five years — a sign of strong future revenue. Goldman shares jumped more than 6%.

Solomon also believes the massive AI infrastructure buildout (the spending on data centers and technology to power AI) is still in its "early innings," meaning years of growth may lie ahead.

The bottom line: AI is already changing how banks work — cutting some jobs while leaders insist skilled people still matter. Meanwhile, the U.S. economy looks steady, and Wall Street is optimistic about the road ahead.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html