AI can be used in ‘every process’ of JPMorgan’s operations, CEO said
JPMorgan CEO Jamie Dimon said artificial intelligence could be applied “in every process” of his company's operations and replace humans in certain roles.
In an interview with Bloomberg on October 2, Dimon said that he expects “all different types of models” and tools and technology for AI in the future. “It's a living, breathing thing,” he said.
“But the way we think about it is every single process, so bugs, marketing, hedging, research, every application, every database can apply AI.”
“So it could be like a co-pilot, it could be replacing people. It's idea generation, it's big language models” that can impact overall customer service.
“AI is real.”
JPMorgan CEO Jamie Dimon said artificial intelligence “will be part of every process.”
— Bloomberg (@Business) October 2, 2023
“We have thousands of people working on AI research,” including some of the “top scientists from around the world,” JPMorgan's CEO said.
When asked if AI will replace some jobs, Dimon said “of course” – but emphasized that technology has always done so.
“People need to take a deep breath. Technology has always replaced jobs,” he explained.
“Your kids will be 100 and not get cancer because of technology, and they can literally work three days a week. So technology has done incredible things for humanity.
However, Dimon admits there are “negatives” to emerging technologies.
When it comes to AI, Dimon says he's particularly concerned about “AI being used by bad people for bad things,” especially in cyberspace — but he's hopeful that legal protections will reduce this behavior over time.
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Dimon hopes that AI will add “tremendous value” to the workforce and that if companies replace workers with AI, they will be able to redeploy displaced workers to more suitable work environments.
“If we can do that, we hope to get them to work somewhere in their environment in a different branch or another function, and we'll work through any displacement caused by AI.”
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