JPMorgan CEO Jamie Dimon has suggested that Artificial Intelligence (AI) has the potential to significantly enhance the quality of life for the next generation of workers despite acknowledging that it could result in job displacement.
In an interview with Bloomberg, Dimon mentioned that AI is likely to be integrated into every process, with thousands of employees at his bank already utilizing the technology.
He expressed optimism about the positive impacts of AI, predicting that future generations might benefit from improved health and reduced working hours, envisioning a scenario where people may work three-and-a-half days a week.
JPMorgan has actively embraced AI, advertising over 3,500 AI-related roles between February and April 2023. Dimon has emphasized the importance of AI, describing it as an “absolute necessity” critical to the company’s success.
Despite his positive outlook, Dimon acknowledged potential risks associated with AI, particularly the risk of job displacement. He highlighted the broader societal challenges posed by malicious actors’ misuse of AI technology.
The OECD has warned that the AI revolution could endanger over a quarter of jobs in its 38-member bloc. Goldman Sachs estimates that about two-thirds of employment in the United States and Europe are susceptible to some level of AI automation, with generative AI potentially replacing a quarter of existing jobs.