Jamie Dimon, JP Morgan’s Chief Executive, is convinced that AI is not a threat to humanity — instead, it can improve many businesses while giving fewer responsibilities to employees.
Dimon revealed in an interview that his bank is being affected positively by AI and that this advancement in technology will likely conquer the future of the work field. The Wall Street King recently confirmed that they are now using AI programs, doing equity hedging, which is very crucial to the company’s success in the upcoming years. He added that AI is a “living breathing thing” that can be used in areas of research, errors, and trading. Thanks to AI, the bank giant can now perform different functions for growth and enhancement.
Dimon firmly believed that AI is the key to improving his company’s customer engagement, risk management, vision, and productivity. Moreover, the chief executive said that AI will help employees work for only three-and-a-half days per week, which seems to be an advantage for many, and it will enable younger generations to live up to 100 years.
“People have to take a deep breath… 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 said.
However, the bank tycoon reminded people about the downside of employing AI systems as they can be used to steal information or develop threats of cyber warfare. In his statement, he addressed the concerns of tech titans’ co-founder:
“Technology has done unbelievable things for mankind but, you know, planes crash, 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.”
In terms of job opportunities for people, JP Morgan continues building construction on a $3 billion 70-story office tower on Park Avenue, and Dimon wants to make sure that the building will be ready for human workers before 2025. Also, the building in the Midtown Manhattan center can be occupied by around 15,000 workers.
Other POP! stories that you might like: