Jamie Dimon, CEO of JPMorgan Chase, emphasized the significant impact artificial intelligence (AI) is expected to have on society in his annual shareholder letter. Prioritizing AI over other issues like geopolitics and regulatory concerns, Dimon highlighted the bank’s investment in this technology.
“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” said Dimon, while adding that it will be “possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet.”
With over 2,000 specialists working on 400 AI applications in areas such as fraud detection and risk management, JPMorgan is also exploring AI to enhance software engineering and customer service. Dimon acknowledged AI’s potential to both assist and replace jobs within the bank’s 310,000-strong workforce, underscoring the need for employee retraining.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition,” said Dimon. “It may reduce certain job categories or roles, but it may create others as well.”
Featured image: Credit: JPMorgan Chase
