JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon is convinced that artificial intelligence (AI) will improve our world. According to him, our children will live to be 100 years old, be free from illnesses like cancer and have shorter workweeks.
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In an interview with Bloomberg, Dimon painted an optimistic picture of what AI could bring. He thinks the average workweek could be reduced from five to just three and a half days due to technological developments. At JPMorgan, AI is already increasing efficiency by assisting with everything from trading to research and he anticipates this trend will continue across industries. Future generations, he says, will have more time to enjoy life outside of work as AI takes care of tedious jobs.
But Dimon goes beyond work-life balance and claims AI and other technological advances could dramatically extend our life spans. He talks about a world where our kids could live to 100 and avoid diseases like cancer, thanks to rapid medical advancements driven by AI.
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JPMorgan isn’t sitting on the sidelines watching AI happen – it’s leading the charge. Currently, the bank employs 2,000 people engaged in 400 distinct AI initiatives and hundreds more are already using AI technologies daily. At the organization, AI is already significantly impacting everything from payment optimization to fraud reduction. AI is “critical” to JPMorgan’s success since it helps them increase productivity and customer satisfaction and even summarizes books for him when he doesn’t have time to read.
Most people’s big concern about AI is job loss – if machines are doing more work, what happens to us? Dimon’s take is that while some jobs will inevitably be replaced, AI will create new opportunities. He compares it to past technological advances like the steam engine or the internet, which eliminated some roles but opened up entirely new ones. He believes AI could be a “super assistant” that boosts productivity rather than taking over completely.
“People have to take a deep breath,” Dimon said. “Technology has always replaced jobs.” However, he is also clear about the need to support people whose jobs are disrupted by AI. He points out that JPMorgan is committed to retraining and redeploying employees whose roles are affected. Rather than simply accepting job losses, he believes companies should help their staff adapt and find new opportunities.
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