Tom Lee Discusses Blockchain's Impact on JPMorgan's Workforce

According to BlockBeats, Tom Lee shared insights during a Bankless interview, highlighting the potential transformation of JPMorgan through blockchain technology. Currently employing 313,000 people, Lee suggested that a blockchain-based JPMorgan might require only 20,000 employees, leading to clearer operations, enhanced foresight, and increased efficiency. He emphasized that with the integration of artificial intelligence, JPMorgan could evolve into a tech-oriented company. Lee noted that banks could shift from trading based on tangible book value to trading based on actual price-to-earnings ratios. He drew parallels with companies like Walmart and Costco, which have price-to-earnings ratios ranging from 35 to 50 due to their systematic business models. Lee proposed that JPMorgan and other banks might experience similar developments.