JPMorgan Chase CEO Jamie Dimon testifies during a hearing of the Senate Committee on Banking, Housing and Urban Affairs titled “Annual Oversight of Wall Street Firms” at Hart Tower on December 6, 2023.
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Jamie Dimon, Senior CEO and Chairman JPMorganexpressing his belief that artificial intelligence will have a profound impact on society.
in his annual letter In a message to shareholders on Monday, Dimon chose artificial intelligence as the first theme of the latest issues facing the nation’s largest bank by assets – ahead of geopolitical risks, recent acquisitions and regulatory concerns.
“While we don’t know the full impact or the exact rate at which artificial intelligence will transform our business or how it will impact society as a whole, we have every confidence that the consequences will be extraordinary,” Dimon said.
Its impact will “potentially be as transformative as some of the major technological inventions of the past few hundred years: think of the printing press, the steam engine, electricity, computing and the Internet.”
Because Dimon is one of the most successful leaders in finance, his letters are widely circulated in the business community and cover a wide range of topics. The chief executive said he was concerned about continued inflationary pressures and reiterated his warning that the world may be entering the most geopolitically risky era since World War II.
But his focus on artificial intelligence stands out, first mentioned in this form in a 2017 shareholder letter. The technology has been gaining traction since ChatGPT made waves in late 2022, producing human-sounding responses to queries.Enthusiasm for artificial intelligence fuels rapid rise of chipmakers Nvidia and help propel technology companies to new heights.
Dimon said that JPMorgan Chase currently has more than 2,000 artificial intelligence and machine learning employees and data scientists. But the technology could eventually reach the bank’s roughly 310,000 employees, helping some while displacing others.
“Over time, we expect the use of artificial intelligence to have the potential to add nearly all jobs and impact the composition of our workforce,” Dimon said. “It may eliminate certain job categories or roles, but it may also create others. category or role.”
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