Jamie Dimon, the Chief Executive Officer (CEO) of JPMorgan Chase & Co (NYSE:JPM), expressed his favorable views on artificial intelligence (AI) in an interview with Bloomberg on Friday. He acknowledged AI's potential to displace jobs but emphasized its benefits in various areas, including life prolongation, disease prevention, productivity enhancement, customer engagement, and new product development.
Dimon cited research from Stanford and MIT, forecasting a shorter work week despite potential job losses of up to 300 million due to AI advancements. He also highlighted the revolutionary role of AI tools like ChatGPT and Google (NASDAQ:GOOGL) Bard in enhancing productivity and improving quality of life.
The CEO stressed the importance of AI in JPMorgan's product design, risk management, and recruitment drive. This emphasis on AI was confirmed by data from Evident. Despite acknowledging the risks of AI misuse by malicious individuals, Dimon deemed AI as critical to JPMorgan's future. The bank plans to apply AI across all processes, including equity hedging.
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