JPMorgan Chase Chairman and CEO Jamie Dimon says there's no denying that AI will create and eliminate jobs — but from his perspective, change is inevitable and the bank, which is the largest in the U.S. with 3.4 trillion dollars in assets, will treat them as they come.
“If (AI) changes jobs and operations elsewhere, we will deal with it,” Dimon said on Tuesday. interview with Bloomberg. “We have 20% turnover a year. We like to retrain people, reorganize them, reeducate them. And so I'm not worried about that.”
Dimon said his focus was to have a successful company and the bank would deal with any downsides of AI, including eliminating jobs, as they arose.
JPMorgan Chase Jamie Dimon. Hollie Adams/Bloomberg via Getty Images
A cash flow AI intelligence tool from JPMorgan cut human labor by close to 90% for some of the bank's corporate clients, for a Bloomberg report released in March.
Earlier in the interview, Dimon characterized AI in its historical context, calling the next wave of technological innovation like the steam engine or the Internet. Technology taking jobs is a fear that has come up time and time again, and “sometimes it does,” Dimon said.
However, he thinks that technology “in the big picture” has been the reason why humanity has lived longer with better health, more productivity and shorter working hours.
“The benefits are huge,” he added.
Dimon previously echoed these claims when he stated this technology is why the next generation will live to be 100 years old and work three and a half days a week.
Dimon said earlier this year that he thinks AI will take over jobs at JPMorgan, especially in the client service department, but that the technology has also added jobs and business value. He also wrote about the possible the impact of AI on “every job” in his annual letter to shareholders in April.