JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank
- Dimon spoke with Bloomberg TV on Monday about the use of AI at his bank
- The CEO said that AI technology has already become integral to his firm
- Though some jobs will ultimately be lost to the advanced tech, Dimon said that JPMorgan would hope to 'redeploy' those employees elsewhere
Jamie Dimon said artificial intelligence is already being used in most parts of JPMorgan and that it will eventually likely shorten the work week to 3.5 days.
In a Monday interview with Bloomberg TV, the Wall Street titan spoke about the development of AI is impacting his bank and what sorts of effects it will likely have on the working world in the future.
'We already have thousands of people (inside JPMorgan) doing it,' Dimon said of AI.
'Every single process ... every app, every database,' has been touched by the technological developments offered by the emerging field.
He added that AI programs are already 'doing all the equity hedging for us, for the most part,' and called the technology 'critical to our company's future success.'
When asked whether AI will eventually replace some human jobs, he reflexively said, 'of course, yeah.'
For the jobs that still exist at his firm, and it is not clear that AI has so far eliminated any at JPMorgan, Dimon has famously been bullish on his employees returning to the office five days a week. In the future, that could be just 3.5 days, he said.
But, he added that technology has long replaced certain functions that were formerly performed manually, and has ultimately 'done unbelievably things for mankind.'
'But you know, planes crash, pharmaceuticals get misused,' he continued, noting that all major technological developments have downsides.
'Your children are going to live to 100 and not have cancer because of technology,' he said. 'And literally they'll probably be working three-and-a-half days a week.'
Dimon has previously said he believed AI will help advance his firm's products, customer engagement, risk management, and productivity.
The downside of AI, Dimon said, is the potential for bad actors to use it. He specifically mentioned cyber warfare.
In terms of job replacement, Dimon expects AI will replace some jobs, but said that anyone whose job is replaced, 'we hope to redeploy' elsewhere in the company.
In his annual shareholder letter, Dimon devoted an entire section to AI, in which he wrote about JPMorgan's efforts to incorporate AI into bank operations.
Despite the progress that AI is making at JPMorgan, and even his claim that in the not-so-distant future, some people will be working 3.5 days a week, Dimon made his position very clear last summer that he wants his bankers in the office five days a week.
As the banking giant continues construction on a $3billion 70-story office tower on Park Avenue, Dimon wants to ensure that the building is not sitting empty when it officially opens in 2025.
The building in the center of Midtown Manhattan will fit 15,000 employees.
'Your children are going to live to 100 and not have cancer because of technology. And literally they'll probably be working three-and-a-half days a week,' Dimon said
JPMorgan has been gradually calling employees back to the office five days a week as the bank continues building its massive Park Avenue office tower
At one point, Dimon was also reportedly concerned that the lack of employee presence at the office would drive down asset value and ultimately impact shareholder prices.
This spring, JPMorgan ordered all of its executives back to the office five days a week, and installed a system in which bonuses will be tied to office attendance.
A memo sent out in the spring explained that the bank needs its senior leaders to be in the office every day. 'We need them to lead by example, which is why we're asking all managing directors to be in the office five days a week,' the memo states.
Last year, Dimon also warned of a 'hurricane' that was moving toward striking the US banking system.
Amid a struggling economy, that has not meaningfully changed since last year, Dimon said that bracing for a financial storm is a necessity, 'we just don't know if it's a minor one or Super Storm Sandy.'
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