JPMorgan Chase CEO Jamie Dimon appeared on “This is Working” with LinkedIn Editor-in-Chief Dan Roth on Thursday to discuss the future of the financial workplace, including his opinion on how AI will alter work as we know it.
Though business leaders and CEOs differ in their sentiments regarding the technology, Dimon is all in.
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“I think people should stop talking about it. It’s huge, and what we do is we’ve embedded all of our businesses,” the CEO said, estimating that JPMorgan would be increasing its number of AI projects by 400 each year. “It is unbelievable for marketing, risk, fraud. It’ll help you do your job better, so, huge productivity tool.”
Dimon said he believed AI would eliminate jobs at JPMorgan, especially in customer service, but also noted it should add jobs too, making it a “net net” investment.
Dimon made similar comments in April in JPMorgan’s Annual Shareholder letter.
Dimon told investors then that the technology was “increasingly driving real business value” across a slew of projects that spanned areas of marketing, fraud, and risk and that though the usage of such technology might lead to a reduction in “certain job categories or roles”, JPMorgan plans to “aggressively retrain and redeploy” employees if affected by incoming changes to their field or positions by AI.
Related: JPMorgan’s Jamie Dimon Says AI Leads to 3.5-Day Work Week
“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” he wrote.
JPMorgan Chase had a strong Q2 2024, with earnings reaching $18.15 billion at a 25% year-over-year increase and revenue that jumped 20% to $50.99 billion.
Dimon’s net worth as of Friday afternoon was an estimated $2.3 billion.