JPMorgan CEO Jamie Dimon Says We Shouldn't Put Our Heads In The Sand, 'We Have To Find A Better Way To Help The People Who Get Hurt By AI'

1 month ago

During a recent interview with Bloomberg, Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), had a lot to say about technology and artificial intelligence and how these advances could affect people’s jobs. With years of experience heading one of the biggest banks in the world, Dimon offered a cautious but optimistic assessment of the ongoing tech boom.

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Dimon pointed out that technological advancements are nothing new – they’ve been changing our lives for hundreds of years, from the printing press to steam engines to the Internet. He now thinks that another revolutionary wave is upon us due to the development of AI. “Tech is going to change many things,” he said. However, he also addressed the fear that comes with these changes, especially regarding job security.

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Many people are concerned that AI will eliminate jobs, but Dimon stated that technology has always produced new jobs in addition to eliminating old ones. “Your job will be enhanced. You’ll get more research, more questions – you’ll have like a real super assistant chief of staff on your shoulder,” Dimon said, pointing out that AI has the potential to make people more productive in their roles.

Although he warned against putting “our head in the sand” or ignoring the issue, he conceded that some employment would probably be wiped out.

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Instead of just accepting job losses, Dimon emphasized that companies and society need to find better ways to help those impacted by these changes. “We have to find a better way to help the people who get hurt by it,” he stated. For its part, JPMorgan is committed to retraining and redeploying employees whose roles are affected: “We love to retrain people, redeploy them, re-educate them. And so I’m not worried about it.”

Dimon’s message was straightforward: technology has enormous advantages that can enhance our lives, increase productivity and keep us healthy. But we shouldn’t dismiss the potential consequences that these developments will bring about. While AI will undoubtedly alter how people work, he believes this won’t necessarily result in a general loss of jobs. “If it works for the customer and the client, we can kind of do more,” implying that successful businesses can continue to expand while assisting their employees in adjusting to these changes.

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Dimon also discussed how the current economic environment is affecting companies going public. He said that because they have access to private finance and wish to avoid the high costs and restrictions associated with initial public offerings (IPOs), many tech businesses opt not to go public now.

“It’s a little odd that public markets are quite elevated and IPOs haven’t come very much yet,” he said. He believes that eventually, companies will need to go public to provide liquidity for investors, but for now, the private markets are strong enough to support them.

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