At JPMorgan Chase, training in artificial intelligence is part of the hiring process.
Mary Erdos, head of wealth and asset management at the company, said on Monday (May 20) that the company is providing artificial intelligence (AI) training to all new employees.
“Everyone who comes here this year will undergo rapid engineering training to prepare them for the future of AI,” Erdos said, comments made at JPMorgan's investor day, as reported by Bloomberg News. .
She said AI is helping her department in two ways. One is to increase revenue growth and the other is to save time. He said there is less emphasis on “hunt and peck” because bankers can obtain specific information about potential investments while on the phone with customers.
In addition, AI is eliminating “fun work” by eliminating mechanical tasks and saving some analysts two to four hours of work time, Erdees said.
JPMorgan President Daniel Pinto told the audience that the bank sees the value of AI at $1 billion to $1.5 billion, and that the technology will be used by the company's 60,000 developers and 80,000 operations and call center staff. He said it would have a “huge” impact on employees. half of the company.
Also on Monday, JPMorgan CEO Jamie Dimon said the bank's plans to one day replace him are “on track.” He told investors that the timeline is “not for another five years,” a reference to his usual joke about when he will retire.
Mr. Dimon devoted much of his annual letter to shareholders last month to AI, placing the technology in the same category as printing presses.
“[W]”We have full confidence that the results will be extraordinary, perhaps as transformative as any major technological invention of the past several hundred years,” Dimon wrote. “Think of the printing press, the steam engine, electricity, computing, the Internet, etc.”
The bank has long focused on predictive AI and machine learning in areas such as marketing, fraud and risk, but is now exploring the use of generative AI in areas such as software engineering, customer service and operations, the letter said.
“While we are investing more money in AI capabilities, many of these projects are paying for themselves,” Dimon wrote. “Over time, we expect the use of AI to enhance virtually every job and potentially impact the composition of the workforce. There is also the possibility that new jobs and roles will be created.
As we mentioned here at the time, several technology companies have recently launched task forces dedicated to preparing their workforces for the AI era.
“As AI transforms a variety of industries and job descriptions, we recognize the urgent need to train employees in the skills essential to succeed in an AI-driven environment,” PYMNTS said. writing.
