The Globe and Mail reports in its Monday, July 27, edition that in mid-July, JPMorgan chief executive officer Jamie Dimon said there are areas where the lender has trimmed jobs by 30 to 40 per cent owing to artificial intelligence. The Globe's Stefanie Marotta writes that Mr. Dimon added that most employees found other roles at the company. In May, Britain's Standard Chartered said it plans to eliminate 15 per cent of its corporate function roles -- or more than 7,000 jobs -- over four years as it replaces what CEO Bill Winters called "lower-value human capital" with technology and AI. Shortly after, Mr. Winters apologized for the upset his comments caused to staff. The clearest signs of AI's potential to displace certain jobs in the financial sector are in hiring practices. As AI automates processes and saves time for employees, banks are hiring fewer people even as their business grows. Bank of America uses AI to power Erica, its virtual assistant for consumers. The platform enables customers to access complex information and handle transactions independently, reducing the need to call the bank. In the second quarter ending June 30, Erica managed over 200 million customer interactions.