AI can be used in ‘every process’ of JPMorgan, SA ScrgruppEn
JPMorgan CEO Jamie Dimon says AI can be applied to “every process” in his company’s operations and may replace humans in certain roles.
On October 2nd interview Through his work with Bloomberg, Dimon said he expects to see “all different types of models,” tools and technology for AI in the future. “It’s a living, breathing thing,” he said, adding:
“But the mindset for us is process by process, so errors, trading, hedging, research, every application, every database, you can apply AI.”
“So it may be a co-pilot, or it may be to replace humans… AI does all the stock hedging for us for the most part. “It’s idea generation, it’s big language models,” he said, adding that in general, it can It can also affect customer service.
“Artificial intelligence is real”
AI will be part of “every process,” JP Morgan CEO Jamie Dimon said, adding that it already “does all the equity hedging for us.” https://t.co/EtsTbiME1a pic.twitter.com/J9YD4slOpv
– Bloomberg (@business) October 2, 2023
“We already have thousands of people doing this,” the JP Morgan CEO said regarding AI research, including some of the “leading scientists around the world.”
Asked if he expected AI to replace some jobs, Dimon said “of course” – but stressed that technology has always done so.
“People need to take a deep breath. Technology has always replaced jobs,” he explained.
“Your children will live to be 100 and not get cancer because of technology, and they will probably work three days a week. Technology has done incredible things for humanity.
However, Dimon acknowledged that there are also “downsides” to emerging technologies.
When it comes to AI, Damon says he’s particularly concerned about “AI being used by bad people to do bad things” — especially in cyberspace — but hopes legal guardrails will curb such behavior over time.
Related: AI Technology Boom: Is the AI Market Already Saturated?
Damon concluded that AI will add “significant value” to the workforce, and if the company replaces its employees with AI, he hopes they can redeploy displaced workers into more suitable work environments.
“We expect to be able to provide them with a job locally in a different branch or a different function, if we can do that, and we will do that with any disruption that occurs as a result of AI.”
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