JPMorgan Chase CEO Jamie Dimon recently shared his views on artificial intelligence (AI) and its impact on the future of work and society. In an interview with Bloomberg, Dimon said that AI will “of course, yeah” replace some jobs, but also added that it will bring huge value and benefits for people.
AI will improve living standards and health
Dimon said that people should not be afraid of AI, but rather embrace it as a technology that will improve living standards and health. He said that AI will enable people to live longer and healthier lives, and also reduce the work week to three and a half days.
“Your children will live to 100 and not have cancer because of technology, and literally they’ll probably be working three and a half days a week,” he said.
He also pointed out that technology has always replaced jobs, but also created new ones. He said that AI will eventually have legal guardrails around it, and that it will be used for good purposes.
AI will be used for various processes at JPMorgan Chase
Dimon also revealed that AI is already being used by thousands of employees at JPMorgan Chase, the largest bank in the US by assets. He said that AI is applied to every single process, app and database at the bank, and that it can be used as a co-pilot or a replacement for humans.
He gave some examples of how AI is used at the bank, such as idea generation, large language models, note-taking, research, trading and customer service. He said that AI is doing all the equity hedging for the bank, and that it can also help with risk management and product development.
He said that AI is a “living, breathing thing” that will change over time, and that the bank is constantly learning and adapting to it.
AI will replace some jobs, but also redeploy people
Dimon acknowledged that AI will replace some jobs, but also said that the bank hopes to redeploy people who lose their jobs to AI. He said that the bank is investing in training and education for its employees, and that it is also hiring more people with AI skills.
He said that the bank is not looking to cut costs or headcount with AI, but rather to improve its efficiency and quality. He said that the bank is always looking for ways to serve its customers better, and that AI is one of the tools that can help with that.
He also said that the bank is not afraid of competition from other players in the AI field, such as tech giants or fintech startups. He said that the bank has a strong position in the market, and that it is always innovating and collaborating with others.
