Jamie Dimon, CEO and chair at JPMorgan Chase, predicted that artificial intelligence will allow the next generation of workers to only work three-and-a-half days a week in an interview with Bloomberg Television on Monday—marking the latest of corporate America’s lofty expectations for AI.
Jamie Dimon, CEO at JPMorgan Chase, is pitcured on April 10, 2019 in Washington, DC. (Photo by Alex ... [+]
Dimon explained that AI is already being used by thousands of employees at JPMorgan Chase, explaining that it adds “huge value for the company.”
He said AI is “of course” going to kill some jobs, but explained “technology has always replaced jobs.”
He said JPMorgan Chase hopes to “redeploy” people who lose jobs to AI.
In his April shareholder letter, Dimon called AI “critical to our company’s future success” and devoted an entire section of the letter to the new technology.
He wrote in the letter that the company has found more than 300 use cases for AI.
Dimon emphasized the benefits of AI, predicting “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.”
Dimon acknowledged the risks involved with AI. “Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused. There are negatives,” he said, adding that he believes the biggest negative is “AI being used by bad people to do bad things.”
PMorgan Chase has been aggressively pursuing AI in its strategy. From February to April, the company advertised for 3,651 AI-related roles globally, according to Bloomberg. That’s almost double the listings of competitors Citigroup and Deutsche Bank. The company is also developing an AI chatbot designed to give consumers investment advice, CNBC reported in May. Despite this eager rush to adopt AI, in February the company restricted its employees' use of ChatGPT—the AI system released by Open AI in November 2022 that kicked off the recent AI craze and speculation—out of fear that it would inadvertently share sensitive financial information.
We estimate Dimon to be worth $1.7 billion, making him the 1720th-richest person in the world.
JPMorgan Chase Restricts Staffers’ Use Of ChatGPT (Forbes)
JPMorgan’s Dimon: Effects Of Bank Failures Will Be Felt For ‘Years To Come’ (Forbes)
JPMorgan’s Dimon Predicts 3.5-Day Work Week for Next Generation Thanks to AI (Bloomberg)