JPMorgan Chase CEO Jamie Dimon testifies during the Senate Banking, Housing and Urban Affairs Committee hearing entitled “Annual Oversight of Wall Street Firms,” December 6, 2023, in the Hart Building.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Jamie Dimon, the veteran CEO and chairman of JPMorgan ChaseHe said he was convinced that artificial intelligence would have a profound impact on society.
In his annual letter to shareholders published Monday, Dimon chose AI as the first topic in his update on the problems facing the largest U.S. bank by assets, ahead of geopolitical risks, recent acquisitions and regulatory issues.
“While we do not know the full impact or exact pace at which AI will transform our business – or how it will impact society as a whole, we are fully confident that the consequences will be extraordinary,” Dimon said.
The impact will “potentially be as transformative as some of the most important technological inventions of the last hundred years: think of the printing press, the steam engine, electricity, computers and the Internet.”
Dimon’s letter, widely read in the business world because of his status as one of the most successful financial executives, covered a wide range of topics. The CEO said he had ongoing concerns about inflationary pressures and reiterated his warning that the world may be entering the riskiest era of geopolitics since World War II.
But its focus on AI, first mentioned in this format in a 2017 shareholder letter, stood out. The technology, which has gained traction since ChatGPT became a viral sensation in late 2022, can generate human-sounding responses to queries. Enthusiasm for AI has fueled the chipmaker’s meteoric rise Nvidia and has helped take technology names to new heights.
JPMorgan now has more than 2,000 employees and data scientists dedicated to AI and machine learning, Dimon said. Ultimately, however, the technology could affect all of the bank’s roughly 310,000 employees, supporting some employees while replacing others.
“Over time, we expect our use of AI to have the potential to improve virtually every workplace and impact the makeup of our workforce,” Dimon said. “It could reduce certain job categories or roles, but it could also create others.”
This story is developing. Please check back for updates.
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2024-04-08 10:40:51
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