AI could let people work less, JPMorgan boss claims

Artificial Intelligence (AI) is likely to substantially improve quality of life for the next generation of workers, JPMorgan CEO Jamie Dimon has suggested. He noted, however, that the technology could cost some people jobs.

In an interview with Bloomberg aired this week, Dimon said AI would be part of every single process, adding that the technology is already being used by thousands of employees at his bank.

“Your children are going to live to 100 and not have cancer because of technology,” Dimon stated. “And literally they’ll probably be working three-and-a-half days a week.”

According to the report, citing data from consultancy Evident, the New York-based JPMorgan advertised for more than 3,500 AI-related roles between February and April this year. Dimon has been describing AI “an absolute necessity,” claiming it is critical to his company’s future success.

The chief executive, however, warned of some associated risks, including the replacement of jobs.

“Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused — there are negatives,” Dimon said. “This one, the biggest negative in my view is AI being used by bad people to do bad things,” he added.

According to a recent report by the OECD, the AI revolution could jeopardize more than a quarter of jobs in the 38-member bloc. Goldman Sachs estimates that roughly two-thirds of jobs in the US and Europe are exposed to “some degree of AI automation,” while generative AI could be used as a substitute for a quarter of current jobs.

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