2 Powerful Slides From JPMorgan Show How More Human Work Is Becoming Obsolete

 2 Powerful Slides From JPMorgan Show How More Human Work Is Becoming Obsolete
Image credit: Shutterstock

Franchise Your Business

Schedule a FREE one-on-one session with one of our Franchise Advisors today and we’ll help you start building your franchise organization.
1 min read
This story originally appeared on Business Insider

JP Morgan's investor day happened recently and there's been a huge focus on cost cutting and creating a business that can deal with new regulation cutting into the firm's profit.

JPM is confident that it can win in this new environment, and has upped its yearly profit target from $24 billion to $27 billion.

Part of how CFO Maryann Lake explained the bank would achieve these ends is by optimizing its retail banks. In other words, fewer humans, more machines.

These two slides from the presentation show the decline of basic human skills.

First is the bank of the future ...

Click to Enlarge+
 2 Powerful Slides From JPMorgan Show How More Human Work Is Becoming Obsolete

 

And the second slide shows how customers interact with their bank: Online activity is surging while phone and in-store transactions are declining.

Click to Enlarge+

 2 Powerful Slides From JPMorgan Show How More Human Work Is Becoming Obsolete

All this probably means there are more job cuts to come on top of the 2,000 in mortgage banking JPM announced this morning.

Those jobs, though, will be on the low-skilled side of the labor force. JPM hired 7,000 people in risk management last year, which shows that on the higher-skilled side of the labor force, demand is there.

 
More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur