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

The cost-cutting practice of automating basic human skills continues in the workplace.

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By Linette Lopez


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 ...

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 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.

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Linette Lopez

Linette Lopez is the Finance Editor and joined Business Insider in the summer of 2011 after graduating from Columbia University's School of Journalism. There she concentrated her studies on Business and International journalism as well as audio production.

She also holds a B.A. from Columbia University, where she finished her undergraduate education in 2008. 

She has contributed to the Columbia Journalism Review and the Committee to Protect Journalists. She holds no notable investments.

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