JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon believes artificial intelligence (AI) will improve our world. According to him, our children will live to be a hundred years old, be free from diseases such as cancer and have shorter working weeks.
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In an interview with Bloomberg, Dimon painted an optimistic picture of what AI could bring. He thinks that the average working week could be reduced from five to just three and a half days due to technological developments. At JPMorgan, AI is already increasing efficiency by helping with everything from trading to research, and he expects this trend to continue across industries. Future generations, he says, will have more time to enjoy life outside of work as AI takes care of boring jobs.
But Dimon goes beyond work-life balance and argues that AI and other technological advances can dramatically extend our lifespans. He talks about a world where our children can live to be a hundred years old and avoid diseases like cancer, thanks to rapid medical advances powered by AI.
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JPMorgan isn’t standing on the sidelines watching AI happen – it’s leading the charge. Currently, the bank employs 2,000 people involved in 400 different AI initiatives and hundreds of others are already using AI technologies every day. Within the organization, AI is already having a significant impact on everything from payment optimization to fraud prevention. AI is “critical” to JPMorgan’s success as it helps them increase productivity, customer satisfaction and even summarizes books for him when he doesn’t have time to read.
Most people’s biggest concern about AI is job losses. If machines do more work, what will happen to us? Dimon believes that while some jobs will inevitably be replaced, AI will create new opportunities. He compares it to past technological developments, such as the steam engine or the Internet, which have eliminated some roles but opened up entirely new ones. He believes AI could be a “super assistant” that boosts productivity rather than completely taking over.
“People need 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 being disrupted by AI to adapt and find new opportunities.
