JPMorgan CEO Jamie Dimon says that artificial intelligence (AI) can change the face of the global workforce, noting its ability to replace humans in several sectors.
Dimon aired his views in a recent Bloomberg interview, stating that the investment bank already relies on AI to streamline its operations. He noted that JPMorgan (NASDAQ: JPM) is experimenting with AI in trading and research with the technology “doing all the equity hedging” for the financial institution.
The CEO added that AI will “definitely” replace certain roles in the workforce, describing it as a “living, breathing thing.” Customer service jobs and idea-generation roles are more likely to be replaced by the rise of AI in the workspace than other technical roles, Dimon said.
Dimon noted that the replacement of humans by AI is a real possibility, given the number of scientists involved in its development. He referred to the historical antecedents of automation replacing employees, urging stakeholders to brace for impact.
“Your children will live to 100 and not have cancer because of technology, and literally, they’ll probably be working three days a week,” said Dimon. “So technology’s done unbelievable things for mankind.”
Aside from replacing employees, the CEO noted that AI will be vital in improving efficiency and productivity in the workplace. Despite the looming threat, Dimon clarified that JPMorgan will roll out a policy to redeploy affected employees.
“We expect to be able to get them a job somewhere local in a different branch or a different function if we can do that, and we’ll be doing that with any dislocation that takes place as a result of AI,” he said.
According to a recent IBM report, up to 40% of the global workforce is expected to receive additional training to remain competitive in the work environment. Other studies submit that AI will not lead to the wholesale replacement of workers, urging executives to encourage integration for greater efficiency.
AI has triggered a major scare among technology and financial firms following fears of a data leak. Samsung (NASDAQ: SSNLF) and Apple (NASDAQ: AAPL) reportedly banned employees from using the technology.
Firm rules to ensure safety
In the interview, Dimon urged regulators to establish legal guidelines for AI usage to stifle the activities of bad actors in the ecosystem. Global regulators are in talks with stakeholders, academia, and consumers over the regulatory direction to be taken regarding AI, but the pace of innovation outshines the regulatory efforts.
JPMorgan has a streak of incorporating emerging technologies in its operations, launching the “world’s first bank-led blockchain platform” called Onyx to lead its foray into Web3. JPMorgan has been involved in several pilots to test blockchain-based cross-border payment platforms after rolling out its digital currency, JPM Coin.
Watch: AI is for ‘augmenting’ not replacing the workforce
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.