In his annual letter to shareholders, JPMorgan Chase CEO and Chairman Jamie Dimon wrote about his belief that artificial intelligence could end up being “possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet.”
Dimon’s letter touched on other topics, including inflation. He noted a variety of factors that appear to be inflationary, including ongoing fiscal spending, restructuring of global trade, the potential for higher energy costs, remilitarization of the world and the capital needs of the new green economy.
But it was his concentration on AI, a subject that he first broached in his 2017 annual letter, was of note. JPMorgan Chase employs more than 2,000 AI and machine learning employees and data scientists, and its looking into using generative AI for software engineering, customer service and employee productivity, Dimon said.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition,” Dimon said. “It may reduce certain job categories or roles, but it may create others as well.”
