JPMorgan CEO Jamie Dimon annual letter to shareholders, released Monday, touted the firm's record revenue of $162.4 billion in 2023 and commitment to shareholders, while also zooming in on broader economic and technology issues — such as the shrinking market for publicly traded companies in the U.S. and the key role of AI.

In an update on specific issues facing JPMorgan, Dimon brought up the impact of AI on the company.

“While we don't know the full effect or the exact degree to which AI will change our business — or how it will affect society at large — we are fully convinced that the consequences will be tremendous,” Dimon wrote. , comparing AI to innovations such as the steam engine, electricity and the internet.

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JPMorgan started using AI more than a decade ago and first mentioned it to shareholders in 2017, according to Dimon's letter. The company currently employs more than 2,000 AI experts and is experimenting with generative AI in customer service, software engineering and operations.

In the future, Dimon predicts AI could improve “virtually every job.”

AI may also “reduce some job categories or roles, but may also create others,” Dimon wrote, adding that the company would “aggressively retrain” existing employees if their jobs were affected by AI.

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Dimon later noted in the letter that the number of US public companies has fallen to 4,000 from 7,300 in 1996. Meanwhile, US private companies have grown nearly sixfold in number over the past 20 years, from 1,900 to 11,200 companies.

He stated that “pressures to withdraw from the public market are increasing”, drawing attention to higher requirements for information reporting, shareholder activism and increased public awareness of what is happening within the company.

Dimon called for an alternative to shareholder meetings, which he claimed were dominated by special interest groups. He did not cite any specific examples of alternatives, but said the company was “continually talking” with investors.

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He also stated that the banking system is changing and facing new competition from the private and fintech markets.

“Remember that many of these new players do not have the same transparency or need to adhere to extensive rules and regulations as traditional banks, even if they offer similar products – this often gives them significant advantages,” he wrote he.

JPMorgan said last month that an AI cash flow tool has helped some of its clients cut back previously man-driven work up to 90%.

Dimon has spoken before about AI's potential to improve the quality of life for human beings, stating that it could lead to fewer working days and longer lifespans.

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Artificial intelligence has also received feedback on large parts of training data it seeks to advance, including perhaps with copyright data.