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Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people

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Big banks like JPMorgan Chase and Goldman Sachs are already using AI to hire fewer people


Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the Institute of International Finance (IIF) during the annual meetings of the IMF and World Bank in Washington, DC, US, on Thursday, Oct. 24, 2024. 

Kent Nishimura | Bloomberg | Getty Images

The era of artificial intelligence on Wall Street, and its impact on workers, has begun.

Big banks including JPMorgan Chase and Goldman Sachs are unveiling plans to reimagine their businesses around AI, technology that allows for the mass production of knowledge work.

That means that even during a blockbuster year for Wall Street as trading and investment banking spins off billions of dollars in excess revenue — not typically a time the industry would be keeping a tight lid on headcount — the companies are hiring fewer people.

JPMorgan said Tuesday in its third-quarter earnings report that while profit jumped 12% from a year earlier to $14.4 billion, headcount rose by just 1%.

The bank’s managers have been told to avoid hiring people as JPMorgan deploys AI across its businesses, CFO Jeremy Barnum told analysts.

JPMorgan is the world’s biggest bank by market cap and a juggernaut across Main Street and Wall Street finance. Last month, CNBC was first to report about JPMorgan’s plans to inject AI into every client and employee experience and every behind-the-scenes process at the bank.

The bank has “a very strong bias against having the reflexive response to any given need to be to hire more people,” Barnum said Tuesday. The bank had 318,153 employees as of September.

JPMorgan CEO Jamie Dimon told Bloomberg this month that AI will eliminate some jobs, but that the company will retrain those impacted and that its overall headcount could grow.

‘Constrain headcount’

At rival investment bank Goldman Sachs, CEO David Solomon on Tuesday issued his own vision statement around how the company would reorganize itself around AI. Goldman is coming off a quarter where profit surged 37% to $4.1 billion.

“To fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations,” Solomon told employees in a memo this week.

“This doesn’t just mean re-tooling our platforms,” he said. “It means taking a front-to-back view of how we organize our people, make decisions, and think about productivity and efficiency.”

The upshot for his workers: Goldman would “constrain headcount growth” and lay off a limited number of employees this year, Solomon said.

Goldman’s AI project will take years to implement and will be measured against goals including improving client experiences, higher profitability and productivity, and enriching employee experiences, according to the memo.

Even with these plans, which is first looking at reengineering processes like client onboarding and sales, Goldman’s overall headcount is rising this year, according to bank spokeswoman Jennifer Zuccarelli.

Tech inspired?

The comments around AI from the largest U.S. banks mirror those from tech giants including Amazon and Microsoft, whose leaders have told their workforces to brace for AI-related disruptions, including hiring freezes and layoffs.

Companies across sectors have become more blunt this year about the possible impacts of AI on employees as the technology’s underlying models becomes more capable and as investors reward businesses seen as ahead on AI.

In banking, the dominant thinking is that workers in operational roles, sometimes referred to as the back and middle office, are generally most exposed to job disruption from AI.

For instance, in May a JPMorgan executive told investors that operations and support staff would fall by at least 10% over the next five years, even while business volumes grew, thanks to AI.

At Goldman Sachs, Solomon seemed to warn the firm’s 48,300 employees that the next few years might be uncomfortable for some.

“We don’t take these decisions lightly, but this process is part of the long-term dynamism our shareholders, clients, and people expect of Goldman Sachs,” he said in the memo. “The firm has always been successful by not just adapting to change, but anticipating and embracing it.”



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Asia stocks fall for third day, oil edges up as markets track Iran war

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Asia stocks fall for third day, oil edges up as markets track Iran war



The conflict in the Middle East has rattled financial markets and global energy prices have soared.



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Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 4

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Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 4


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Petrol, Diesel Price On March 4: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.

Petrol, Diesel Prices On March 4.

Petrol, Diesel Prices On March 4.

Petrol and Diesel Prices on March 4, 2026: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.

Petrol Diesel Price Today In India

Check city-wise petrol and diesel prices on March 4:

City Petrol (₹/L) Diesel (₹/L)
New Delhi 94.72 87.62
Mumbai 104.21 92.15
Kolkata 103.94 90.76
Chennai 100.75 92.34
Ahmedabad 94.49 90.17
Bengaluru 102.92 89.02
Hyderabad 107.46 95.70
Jaipur 104.72 90.21
Lucknow 94.69 87.80
Pune 104.04 90.57
Chandigarh 94.30 82.45
Indore 106.48 91.88
Patna 105.58 93.80
Surat 95.00 89.00
Nashik 95.50 89.50

Key Factors Behind Petrol and Diesel Rates

Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.

Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.

Key Factors Influencing Fuel Prices in India

  • Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.

  • Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.

  • Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.

  • Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.

  • Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.

How to Check Petrol and Diesel Prices via SMS

You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.

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Gold Prices: Gold retreats on strong dollar after four-day rally – The Times of India

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Gold Prices: Gold retreats on strong dollar after four-day rally – The Times of India


Gold slumped more than 5%, ending a four-day rally on Tuesday. The metal was weighed down by a stronger dollar and fading prospects of an interest rate cut as inflation concerns intensified against the backdrop of a potentially prolonged conflict in West Asia. Spot gold was down 5.6% at $5,029.59 an ounce whereas prices had hit an over four-week high in the previous session. US gold futures lost 5.1% to $5,041.50.The US dollar, a competing safe-haven asset, rose to an over one-month peak, making dollar-priced bullion less affordable for holders of other currencies. US Treasury yields rose for a second consecutive session.Indian bullion traders and associations are speculating that gold could attain Rs 2 lakh per 10 gm and silver may well scale Rs 3.5 lakh per kg if the conflict does not abate swiftly.Spot silver fell 11.2% to $79.42 an ounce after climbing to a more than four-week high on Monday. As the Iran conflict entered its fourth day, crude oil benchmarks jumped over 8% in response.



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