JPMorgan CEO Jamie Dimon is rocking the latest predictions about what AI will mean for humanity; instead, he explains how he sees technology improving businesses and employees’ work-life balance.
Also demon—for example, a staunch defender of longstanding career rules working hardcreature ready for anything and at work in the office—says that future workers can work a day and a half less each week, thanks to AI.
In addition to reducing the work week from five and a half days to three and a half days, Dimon predicts that in the future workers may live to be 100 years old.
Thousands of people at America’s largest bank are already using the technology, Dimon said Bloomberg Televisionhe added that artificial intelligence is a “living breath” that will change throughout history.
While the technology can be used by JPMorgan in a variety of areas (errors, trading, research and hedging to name a few), it certainly shows the fear that AI will take over the work of human counterparts.
Goldman Sachs anticipates that approximately 300 million jobs will be lost to technology, an approx A quarter of America’s workforce fearing that they will lose their papers due to artificial intelligence in the future.
But the advancement of technology is also something that societies have faced, Dimon pointed out, adding that there are great opportunities to improve the standard of living with AI and large language models.
“People need to take a deep breath,” Dimon said. “Technology has always replaced jobs. Your children will live to be 100 and not get cancer because of technology, and they will literally probably work three and a half days a week.’
Employees can reduce their working hours, thanks to the technology used to automate some of their activities, McKinsey It was found in a report published last year.
The the report Likewise, creative AI and other emerging technologies have the potential to automate tasks that currently take up 60% to 70% of workers’ time, adding between $2.6 trillion and $4.4 trillion to the global economy annually.
And while companies are still grappling with how quickly AI will transform their industry, arguments are already being made to reduce the number of days in the current work week.
A British study Out of 61 organizations surveyed by the University of Cambridge, the four-day work week reduced sick days by 65%, and 71% of employees said they reduced their smoking levels. As a result, 92% of the companies in the program said they would keep the three-day weekend.
Dimon and McKinsey are not the first economic leaders to predict that technology will lead to a shorter work week, however. In a 1930 essay “Economic Opportunities for Our Grandchildren“, the economist It was predicted by John Maynard Keynes that his grandchildren’s generation would work 15-hour weeks because of increased productivity. The current average In Keynes’ UK it is 36.4 hours.
‘There are negatives’
Like many other thought leaders, Dimon is aware that technology can be a powerful weapon if it falls into the wrong hands.
Echoing the concerns of individuals, for example Apple co-founder Steve Wozniak and Bill Gates, founder of MicrosoftDimon said, “Technology has done incredible things for humanity, but, you know, airplanes crash, drugs are misused, there are downsides.
“This, in my opinion, is the biggest negative, is that AI is used by bad people to do bad things. Think of cyber warfare.”
I like it Sam Altman, CEO of ChatGPT OpenAI producer Dimon also says he hopes to introduce railings in the sector, although he admits it may take some time to materialize because the technology is relatively new.
The billionaire head of the New York bank also noted that technology will disrupt the lives of some employees by changing their roles. In the case of JPMorgan Chase, at least, Dimon said he hopes AI will “reinvigorate” the workers it’s putting out of business.
JPMorgan compared it to its acquisition of First Republic in May 2023, when the latter bank fell victim to a wave of banking instability. Before agreeing to a $10 billion deal.
“At First Republic we have offered jobs to 90% of people. They accepted, but we also told them that some of these jobs are temporary. But we hire 30,000 people a year, so we hope to be able to get a job locally in another branch or in another function if we can do that,” explained Dimon. “We’ll do that with any dislocation that happens because of AI.”
A version of this story was originally published on Fortune.com on October 3, 2023.
