AI can be used in ‘every single process’ of JPMorgan’s operations, says CEO


JPMorgan CEO Jamie Dimon says synthetic intelligence (AI) might be utilized to “every single process” of his agency’s operations and should substitute people in sure roles.

In an Oct. 2 interview with Bloomberg, Dimon stated he expects to see “all different types of models” and instruments and expertise for AI in the long run. “It’s a living, breathing thing,” he stated, including:

“But the way to think about for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI.”

“So it might be as a co-pilot, it might be to replace humans … AI is doing all the equity hedging for us for the most part. It’s idea generation, it’s large language models,” he stated, including extra usually, it might additionally affect customer support. 

“We already have thousands of people doing it,” stated the JPMorgan CEO about AI analysis, together with some of the “top scientists around the world.”

Asked whether or not he expects AI will substitute some jobs, Dimon stated “of course,” however pressured that expertise has at all times performed so.

“People need to take a deep breath. Technology has always replaced jobs,” he defined.

“Your children will live to 100 and not have cancer because of technology and literally they’ll probably be working three days a week. So technology’s done unbelievable things for mankind.”

However, Dimon acknowledged there are additionally negatives to rising applied sciences.

When it involves AI, Dimon says he’s significantly involved about “AI being used by bad people to do bad things” — significantly in our on-line world — however is hopeful that authorized guardrails will curtail such conduct over time.

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Dimon concluded that AI will add “huge value” to the workforce, and if the agency replaces its workers with AI, he hopes they are going to be in a position to redeploy displaced staff in extra appropriate work environments.

“We expect to be able to get them a job somewhere local in a different branch or a different function, if we can do that, and we’ll be doing that with any dislocation that takes place as a result of AI.”

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