Jamie Dimon said AI could someday help us do our jobs decreased, but not before jobs were cut.
JPMorgan's CEO said in an interview with Fox News' “Sunday Morning Futures” that AI has the potential to improve society, comparing it to past technological breakthroughs that raised productivity and standards of living.
“Maybe one day we won't be working so hard, but we'll have a great life,” he said.
But getting there will be painful. AI won't “dramatically reduce” jobs next year, Dimon said, but “there will be no jobs.”
“It doesn't mean people won't take other jobs,” he said, adding that workers should rely on critical thinking, communication and emotional intelligence.
The real danger, he said, is that the introduction of AI could outstrip society's ability to train workers.
“If it happens too quickly for a society, which is possible, we can't assimilate everyone that quickly,” Dimon said.
He added that governments, businesses and society should “consider how to proceed gradually so as not to harm too many people.”
Dimon is optimistic about AI's long-term potential. Last month, he said AI would shorten the work week.
“My guess is that developed countries will be working three and a half days a week in 20, 30, 40 years,” Dimon said at the American Business Forum in Miami in November.
“Every time you wake up in the morning, your agent will be doing the research for you,” he added.
Dimon doesn't discount the risks either. He warned last month at a Fortune conference that job cuts were inevitable. “People should stop sticking their heads in the sand,” he said.
CEOs of major banks talk about AI disruption
CEOs of other major banks also said there are long-term benefits to AI, but highlighted the disruption ahead.
Goldman Sachs CEO David Solomon said in an interview on CNBC's “Squawk Box” in October that while AI will lead to job changes, “at the end of the day, we have an incredibly flexible and agile economy.”
“I'm really looking forward to it,” he said, adding that he thought “there are a lot of opportunities for our business.”
Wells Fargo CEO Charles Scharf echoed this sentiment. “The opportunities that exist in AI are very significant,” he told Reuters last month.
“Anyone sitting here today who says they don't think there will be headcount reductions because of AI either doesn't know what they're saying or they're just not being completely honest,” he said.
