JPMorgan Chase CEO Jamie Dimon appeared on “This is Working” with LinkedIn editor-in-chief Dan Ross on Thursday to discuss the future of the financial workplace, including his thoughts on how AI will change work as we know it.
While opinions on technology vary among business leaders and CEOs, Dimon is all in favor.
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“I wish we'd stop talking about it. This is a big thing. We're embedding AI in everything we do,” the CEO said, estimating that JPMorgan is adding 400 AI projects each year. “It's incredibly effective for marketing, risk, fraud. It's a really useful productivity tool because it helps us work more efficiently.”
Dimon believes AI will result in job savings at JPMorgan, particularly in customer service jobs, but he also noted that it will also result in job creation and that AI will be a “pure” investment.
Dimon made similar comments in JPMorgan's annual shareholder letter in April.
Dimon told investors at the time that the technology was “increasingly driving real business value” across a number of projects across marketing, fraud and risk, and that while the use of such technology could lead to the elimination of “certain job types and roles,” JPMorgan planned to “aggressively retrain and redeploy” employees if AI caused changes to their job areas or positions.
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“While we don't know the full extent or exact speed at which AI will transform business or how it will impact society at large, we are confident the results will be astounding,” he wrote.
JPMorgan Chase had a strong second-quarter 2024 performance, with profits up 25% year over year to $18.15 billion and revenue up 20% to $50.99 billion.
As of Friday afternoon, Dimon's net worth was estimated at $2.3 billion.