Jamie Dimon recently discussed artificial intelligence (AI), weighing in on how it could affect jobs and how it could get utilized at the bank.
The longtime JPMorgan Chase CEO did so in a Monday interview with Bloomberg, saying AI could “of course, yeah” cause some replacement of jobs. At the same time, he also indicated it would provide some major benefits for people.
“People have to take a deep breath, OK? Technology’s always replaced jobs,” he said. “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 acknowledged AI has “negatives,” identifying the “biggest” as bad actors deploying for “bad” purposes, according to the Bloomberg interview. Possible areas where he said that could happen include cyber and warfare.
AI will “eventually have legal guard rails around it,” he said, adding that the technology would bring significant value. Numerous prominent figures in the AI sector came to the nation’s capital last month to meet with lawmakers for a forum centered about the technology, FOX Business previously reported.
“For JPMorgan, if it [AI] replaces jobs, we hope to redeploy people,” Dimon told Bloomberg.
The CEO also noted in the interview that the bank already has “thousands of people doing” things with AI, calling AI a “living, breathing thing” that will change.
There could be some form of potential AI applications for all processes at JPMorgan Chase, according to Dimon. He said tasks like research, note-taking, trading and customer service could utilize the technology.
“AI is doing all the equity hedging for us for the most part,” he noted at one point.
Dimon reported in the company’s 2022 shareholder letter, which was put out earlier this year, that JPMorgan Chase had a couple of thousand people involved in AI-related efforts. Those included workers in data management, data science, machine learning, engineering and AI research.
During the summer, the World Economic Forum found that half of companies perceived AI as “creat[ing] job growth” in the future and 25% thought it would do the opposite.
A separate, more recent Canva study found that the share of professionals with concerns about falling behind in their jobs if they didn’t have knowledge of how to leverage AI came in at 41%. Many – 85% – expressed an interest in learning AI skills, FOX Business previously reported.
Eric Revell contributed to this report.