JPMorgan Chief Executive Jamie Dimon said artificial intelligence could “power nearly every job in banking” and transform the U.S. banking workforce, likening the innovation to inventions like the printing press.
In his thousands-word annual letter to shareholders that pondered everything from the future of JPMorgan to how America can grow, Dimon said the impact of AI will be “extraordinary.”
“We expect that the use of AI will augment nearly all jobs over time, which will impact the composition of our workforce,” he said. “Certain jobs and roles may be eliminated, while others may be created. As always, we will proactively retrain and redeploy our workforce and be considerate of employees affected by this trend.”
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JPMorgan now has more than 2,000 AI or machine learning experts and recently appointed a new chief data and analytics officer who will join the bank's operating committee, who added that there are 400 use cases for the technology.
“We continue to attract the best and brightest talent in the space and have an impressive company-wide AI/ML and research organization with deep expertise,” Dimon wrote.
Dimon added that JPMorgan has been using AI for “many years” and that it is “driving value” across the company's business.
“We are also exploring the potential that generative AI can unlock in a variety of domains, particularly software engineering, customer service and operations, and general employee productivity,” he added.
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