JPMorgan CEO predicts AI will shorten workweek to 3.5 days
JPMorgan's CEO Jamie Dimon has envisioned a future where artificial intelligence (AI) could cut the traditional work week down to just 3.5 days. Speaking at the recent JPMorgan's annual investor day, Dimon said that AI would not just make businesses better but also improve work-life balance for employees, Fortune reports. He highlighted the historical benefits of technology but also noted job displacement risks from AI.
AI is a 'living breathing thing,' Dimon says
In a chat with Bloomberg TV, Dimon disclosed that thousands at JP Morgan are already using AI. He called the tech a "living breathing thing" that keeps evolving. Despite the risk of job displacement that comes with AI, he is optimistic about the tech's potential to enhance living standards through large language models (LLMs) and other applications.
Perspective on technology and job displacement
Addressing concerns over job losses amid technological disruptions, Dimon said he plans to move employees into new roles instead of firing them. He likened JPMorgan's 2023 acquisition of First Republic to potential AI-induced disruptions. "At First Republic we've offered jobs to 90% of people... But we hire 30,000 people a year, so we expect to be able to get them a job somewhere local in a different branch or a different function," he said.
Dimon warns about potential misuse of AI
While he was optimistic about the benefits of AI, Dimon also warned about its potential misuse. He said that "the biggest negative in my view, is AI being used by bad people to do bad things." He compared it with other technological advancements like aviation and pharmaceuticals that have had both positive impacts and negative consequences when misused.
