J.P. Morgan Chase’s CEO said artificial intelligence is an invention on par with the printing press.
Jamie Dimon spent a large portion of his yearly letter to shareholders discussing AI’s impact on the country’s largest bank and the world.
“[W]e are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years,” Dimon wrote. “Think the printing press, the steam engine, electricity, computing and the internet, among others.”
The bank has used predictive AI and machine learning for years in areas such as marketing, fraud and risk, the letter said. It is exploring the use of generative AI for things like software engineering, customer service and operations.
“While we are investing more money in our AI capabilities, many of these projects pay for themselves,” Dimon wrote. “Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. It may reduce certain job categories or roles, but it may create others as well.”
Several technology firms launched a task force this month dedicated to readying the workforce for the AI era.
“With AI transforming various industries and job descriptions, there’s an acknowledged urgency to train employees in skills essential for thriving in AI-driven settings,” PYMNTS wrote Friday (April 5).
Francine Katsoudas, Cisco’s executive vice president and chief people, policy and purpose officer who is part of this initiative, stressed the opportunity AI offers for the private sector to take the lead in upskilling and reskilling workers. She spotlighted the consortium’s commitment to working with governments, non-governmental organizations and academic institutions to make sure the AI revolution benefits everyone.
Past reporting by PYMNTS has underlined the dual-edged nature of AI technologies like ChatGPT, which could boost productivity while also presenting disruptions to the job market.
A study by Goldman Sachs projected that automation could impact a quarter of jobs in the U.S. and Europe, particularly in legal and administrative fields.
“While a large portion of jobs may face automation, the report suggested most employees will remain employed, with fewer than half of their tasks being automated,” PYMNTS wrote. “Only 7% of U.S. workers are in roles where AI could take over at least half of their duties, potentially leading to job displacements.”
For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More