Terrifying when you think about it! JPMorgan Chase's CEO dropped some chilling numbers in his latest Bloomberg interview that’ll make every finance worker break out in a cold sweat. He revealed that the company is currently investing a whopping $2 billion annually in artificial intelligence, and this insanely worthwhile expense has already delivered a solid $2 billion in cost-saving and efficiency-boosting returns. On Wall Street, when a project achieves a 100% return in its first year, the capital pouring in next is bound to skyrocket exponentially. Against machines that can process a single query for just $0.0002, humans simply can’t compete on efficiency. He mentioned that JPMorgan Chase has actually been deeply involved in AI since 2012, with 2,000 employees dedicated to related projects. The technology has now fully permeated critical areas like risk management, fraud prevention, marketing, customer service, and even code writing. What’s mind-blowing is that their custom-built large language model is being used by 150,000 employees weekly at high frequency, essentially replacing the grunt work of processing massive contracts and summarizing research reports. When asked whether AI will take away banking jobs, he didn’t sugarcoat it at all. He said people absolutely shouldn’t bury their heads in the sand like ostriches and pretend nothing’s happening—this technology will indeed ruthlessly eliminate certain jobs. While he noted that reskilling and job transitions could lead to an overall increase in positions for the company in the long run, layoffs in some traditional, foundational roles are already an irreversible reality.