While artificial intelligence inevitably will eliminate some jobs, it offers enormous promises, JPMorgan Chase CEO Jamie Dimon said in an interview on Bloomberg TV.
“Your children are going to live to 100 and not have cancer because of technology,” Dimon said. “And literally, they’ll probably be working three-and-a-half days a week.”
Thousands of JPMorgan Chase employees are already using AI, which Dimon has called “critical to our company’s future success.”
The former board director of the Federal Reserve Bank of New York believes AI can help JPM develop new products, improve customer engagement, boost productivity and enhance risk management—with the bank already using artificial intelligence on 300 key projects.
In his shareholder letter this year, Dimon called AI “an absolute necessity.”
“Technology has done unbelievable things for mankind, but, you know, planes crash, pharmaceuticals get misused—there are negatives,” Dimon conceded. “This one, the biggest negative in my view, is AI being used by bad people to do bad things.”
The 67-year-old, who has been CEO of JPMorgan Chase since 2005, then added: “AI is real. It’s a living, breathing thing.”
For JPMorgan Chase, Dimon said, the uses for AI are almost limitless—if paired with “legal guardrails ... Errors, trading, hedging, research, every app, every database—you can be applying AI.
“It might be a co-pilot. It might be to replace humans,” Dimon continued. “People have to take a deep breath, OK? Technology’s done unbelievable things for mankind.”
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