In a recent interview with Bloomberg, JPMorgan Chase CEO Jamie Dimon discussed the transformative potential of artificial intelligence (AI), acknowledging its dual impact on the workforce. He stated, “AI is real. We already have thousands of people engaged in its development. It’s evolving continuously, bringing various models and technologies into play.”
In his earlier shareholder letter, Dimon referred to AI as “extraordinary and groundbreaking,” highlighting the bank’s significant investment in this area. Between February and April, JPMorgan Chase advertised over 3,500 positions related to AI.
During the interview, Dimon noted that AI will be integrated into all applications and databases, acting as a co-pilot and in some cases, replacing human labor. He mentioned that AI is already handling a substantial portion of the bank’s equity hedging activities.
While acknowledging that some jobs may be lost to technology, Dimon expressed a commitment to redeploy affected employees within the bank. He emphasized, “Technology has always transformed job landscapes. The future may even permit your children to work just three and a half days a week.”
Dimon also recognized the potential downsides of AI, cautioning that it could be exploited for malicious purposes. However, he is optimistic that legal frameworks will eventually emerge to address these issues.