JPMorgan’s Jamie Dimon predicts AI reducing work weeks to 3.5 days, says ‘Tech has always replaced jobs, but…’

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JPMorgan CEO Jamie Dimon believes artificial intelligence (AI) will enhance businesses and work-life balance, potentially reducing workweeks for employees to 3.5 days in the future, according to a Fortune report. While he also acknowledged job displacement risks, Dimon chose to stress the historical benefits of technology, it reported.

Speaking to Bloomberg TV, Dimon said thousands at JP Morgan are already using AI, adding that the technology is evolving and  a “living breathing thing”.

Opportunities: Shorter Workweeks, Healthcare…

But Dimon sought to move away from the pessimistic views on AI, adding that AI and large language models (LLMs) provide opportunities to improve living standards, as per the report.

“People have to take a deep breath. Technology has always replaced jobs. Your children are going to live to 100 and not have cancer because of technology, and literally, they’ll probably be working three and a half days a week,” he told the channel.

On Job Loss From AI Replcement

On the threat of job loss, Dimon was of the view that while disruptions from technology are expected, he hopes to move employees pushed out of a job because of AI to another role instead of firing them, Fortune reported.

He compared JPMorgan’s acquisition of First Republic in 2023 to AI disruption, stating, “At First Republic we’ve offered jobs to 90 per cent of people. They accepted, but we also told them some of those jobs are transitory. 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 if we can do that. We’ll be doing that with any dislocation that takes place as a result of AI,” Dimon said.

Spectre of Misuse

He also added that the technology could lead to “negatives” if “used by bad people”. “Technology has done unbelievable things for mankind, but you know, planes crash, and pharmaceuticals get misused—there are negatives. This one, the biggest negative in my view, is AI being used by bad people to do bad things. Think of cyber warfare,” he added.

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JPMorgan’s Jamie Dimon predicts AI reducing work weeks to 3.5 days, says ‘Tech has always replaced jobs, but…’

JPMorgan CEO Jamie Dimon believes artificial intelligence (AI) will enhance businesses and work-life balance, potentially reducing workweeks for employees to 3.5 days in the future, according to a Fortune report. While he also acknowledged job displacement risks, Dimon chose to stress the historical benefits of technology, it reported.

Speaking to Bloomberg TV, Dimon said thousands at JP Morgan are already using AI, adding that the technology is evolving and  a “living breathing thing”.

Opportunities: Shorter Workweeks, Healthcare…

But Dimon sought to move away from the pessimistic views on AI, adding that AI and large language models (LLMs) provide opportunities to improve living standards, as per the report.

“People have to take a deep breath. Technology has always replaced jobs. Your children are going to live to 100 and not have cancer because of technology, and literally, they’ll probably be working three and a half days a week,” he told the channel.

On Job Loss From AI Replcement

On the threat of job loss, Dimon was of the view that while disruptions from technology are expected, he hopes to move employees pushed out of a job because of AI to another role instead of firing them, Fortune reported.

He compared JPMorgan’s acquisition of First Republic in 2023 to AI disruption, stating, “At First Republic we’ve offered jobs to 90 per cent of people. They accepted, but we also told them some of those jobs are transitory. 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 if we can do that. We’ll be doing that with any dislocation that takes place as a result of AI,” Dimon said.

Spectre of Misuse

He also added that the technology could lead to “negatives” if “used by bad people”. “Technology has done unbelievable things for mankind, but you know, planes crash, and pharmaceuticals get misused—there are negatives. This one, the biggest negative in my view, is AI being used by bad people to do bad things. Think of cyber warfare,” he added.

Source Link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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