Get All Access for $5/mo

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.

By Linette Lopez

This story originally appeared on Business Insider

Shutterstock

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.

#insert RSS here#

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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.

Franchise

Kick-Start Your Small Business With These Cost Effective Strategies

Starting a small business is an exciting adventure, brimming with both opportunities and challenges. A key to success is effectively managing costs from the outset.