JPMorgan CEO Jamie Dimon: AI Could ‘Augment Virtually Every Job’
Dimon said the bank’s “AI organization” has grown substantially, with more than 2,000 AI and machine learning (ML) experts and data scientists — more than double the 900 Dimon reported last year.
JPMorgan CEO Jamie Dimon: Jamie Dimon, CEO of JPMorgan Chase, sees artificial intelligence as a potentially transformative technology.
As Dimon noted in his highly anticipated annual letter to shareholders, artificial intelligence could have “extraordinary and possibly transformational” effects just like the printing press, steam engines, electricity, computing, and the Internet. However, it is too early to tell how big — or how fast — these changes will be.
JPMorgan has already established itself as a leader in the field of artificial intelligence, despite its relative novelty. This new Evident AI Index, a first-of-its-kind ranking of world’s top banks’ ability to incorporate and advance artificial intelligence, has ranked the bank first for two consecutive years. 50 of the world’s largest banks with assets of at least $200 billion assess their AI maturity.
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Dimon said the bank’s “AI organization” has grown substantially, with more than 2,000 AI and machine learning (ML) experts and data scientists — more than double the 900 Dimon reported last year. Dimon said the company is exploring further uses of generative AI in software engineering and customer service practices in addition to its 400 use cases in marketing, fraud, and risk.
In the future, we anticipate using AI to augment virtually every job and change our workforce composition, he wrote. It may reduce some job categories or roles, but it may also create others. “As we have done in the past, we will retrain and redeploy our talent aggressively in order to ensure that if our employees are affected by this trend, we will take care of them.”
The largest U.S. bank by assets also created a new position, a Chief Data & Analytics Officer, who sits on its operating committee and reports directly to Dimon and COO Daniel Pinto. According to Dimon, this appointment emphasizes the importance of this function and the importance of AI for our business moving forward.
Despite AI’s challenges, he said JPMorgan has a strong framework to stay ahead of AI-related risks and will continue to collaborate with regulators as new AI regulations emerge. Aside from that, he said AI had been incorporated into the bank’s tools to combat bad actors.