JPMorgan Chase chairman and CEO Jamie Dimon says we shouldn’t deny that AI will create and eliminate jobs — but from his standpoint, the changes are inevitable and the bank, which is the biggest in the U.S. with $3.4 trillion in assets, will handle them as they come.
“If [AI] changes jobs and operations elsewhere, we’ll deal with it,” Dimon said in a Tuesday interview with Bloomberg. “We have turnover 20% a year. We love to retrain people, redeploy them, re-educate them. And so I’m not worried about it.”
Dimon said his focus was on having a successful company and the bank would deal with any downsides of AI, including job elimination, as they arose.
JPMorgan Chase Jamie Dimon. Hollie Adams/Bloomberg via Getty Images
A cash flow intelligence AI tool from JPMorgan cut human work by close to 90% for some of the bank’s corporate clients, per a Bloomberg report released in March.
Earlier in the interview, Dimon characterized AI in its historical context, calling it the next wave of technological innovation like the steam engine or the Internet. Tech taking over jobs is a fear that has come up time and time again, and “sometimes it does,” Dimon stated.
Still, he thinks that “in the big picture” tech has been the reason why humankind has lived longer with better health, more productivity, and lower work hours.
“The benefits are huge,” he added.
Dimon previously echoed these claims when he stated that technology is why the next generation will live until 100 years old and work three and a half days per week.
Dimon said earlier this year that he thinks AI will take over jobs at JPMorgan, especially in the customer service department, but that the technology has also added jobs and business value. He also wrote about the possible impact of AI on “every job” in his annual shareholder letter in April.
