Jamie Dimon: You’re Missing the Bigger Picture About AI
Main agreement
- Jamie Dimon is the CEO of JPMorgan Chase, the largest bank in the US by assets.
- Dimon recently urged people not to worry about the impact of AI at work.
- He said AI has “created a lot of jobs” at JPMorgan and “reduced jobs” in other areas “a little bit.”
CEO of JPMorgan Chase Jamie Dimonwho leads the largest bank in the USA with ASSET of $3.9 trillion, said this week that leaders are unsure how AI will affect the workforce — but he is optimistic about the technology creating new jobs.
JPMorgan may soon become the world the first $1 trillion bankwith a market capitalization of 916 billion dollars at the time of writing. Dimon, who has run the bank as CEO for 20 yearssaid at the Pennsylvania Defense and Innovation Summit earlier this week that “we don’t really know” how AI will impact the workforce as the technology develops.
“You know, it’s created a lot of jobs in our company, and yes, there are areas where it’s cut some jobs,” Dimon said, per Fox Business.
He added that he is sure that “technology always creates new jobs.” The question is whether the change “happens too soon.” In that scenario, AI could cause job losses, Dimon said.
However, he added that “I think we’re scaring the whole world way too fast about this.”
Dimon said “we all need to be more rational” about using AI, based on his experience within his company. The leaders face a choice, he said. They can cut costs by doing less or focus on moving faster. He said that he leans towards speeddoing more faster and delivering higher quality results faster.
Dimon pointed out that it has to be planned protect companies from “very rapid job loss by AI” if it ever happens.
AI has enabled JPMorgan to cut jobs
Long of JPMorgan On the second-quarter earnings call on Tuesday, Dimon said the bank has been able to cut jobs thanks to AI.
“We’ve had discrete areas where we’ve reduced jobs by 30% or 40%,” he said, of Business Insideradding that JPMorgan offered “jobs elsewhere” for those affected by the cuts.
Dimon said JPMorgan has already found 1,000 use cases for AI, ranging from fraud protection to marketing to record keeping. He said last year that the bank’s $2 billion AI investment has paid for himself.
“We’ve shown that for $2 billion in spending, we have about $2 billion in benefits,” Dimon said Bloomberg TV. “Some we can do in real detail: We did this, we reduced the headcount, we saved this time and money. Some you can’t: He just improved the service.”
He said at the time that AI carries the potential to eliminate some jobs, but he wants to train and reassign existing employees. If JPMorgan is successful, the bank will have “more jobs” with fewer jobs in certain functions, he said.
JPMorgan recently had a record quarter. The bank reported more quarterly profit than any other US bank ever Wednesday. Total net income increased 28% compared to a year ago, reaching $57 billion.
Main agreement
- Jamie Dimon is the CEO of JPMorgan Chase, the largest bank in the US by assets.
- Dimon recently urged people not to worry about the impact of AI at work.
- He said AI has “created a lot of jobs” at JPMorgan and “reduced jobs” in other areas “a little bit.”
CEO of JPMorgan Chase Jamie Dimonwho leads the largest bank in the USA with ASSET of $3.9 trillion, said this week that leaders are unsure how AI will affect the workforce — but he is optimistic about the technology creating new jobs.
JPMorgan may soon become the world the first $1 trillion bankwith a market capitalization of 916 billion dollars at the time of writing. Dimon, who has run the bank as CEO for 20 yearssaid at the Pennsylvania Defense and Innovation Summit earlier this week that “we don’t really know” how AI will impact the workforce as the technology develops.
“You know, it’s created a lot of jobs in our company, and yes, there are areas where it’s cut some jobs,” Dimon said, per Fox Business.
