I’ve worked in companies very similar to JPMorgan, and I’ve learned to be very skeptical about claims like this, because I’ve heard many.

Frequently, work hasn’t been destroyed, only shuffled. Between departments (see, our forecasting workload has plummeted! In unrelated news, our model validation teams have grown!) or offshore (our worker-hours on this project are down! In unrelated news, we’ve initiated a contract with an offshore company that specializes in this type of work)

So, yeah, sure, maybe. I trust there is some interpretation of reality in which this investor-bait is technically true.