“AI Can Be As Transformational As The Printing Press, The Internet, And Electricity,” Said JPMorgan Chase’s CEO

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IBL News
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IBL News | New York

“AI could have societal consequences that rival the printing press, the internet, and electricity,” JPMorgan Chase CEO Jamie Dimon told shareholders this week.

JPMorgan Chase, the largest U.S. bank, now includes more than 2,000 AI/machine learning (ML) experts and data scientists.

“We have been actively using predictive AI and ML for years – and now have over 400 use cases in production in areas such as marketing, fraud, and risk – and they are increasingly driving real business value across our businesses and functions,” he explained.

“We’re also exploring the potential that generative AI (GenAI) can unlock across a range of domains, most notably in software engineering, customer service, and operations, as well as in general employee productivity,” Dimon explained.

“In the future, we envision GenAI helping us reimagine entire business workflows. We will continue to experiment with these AI and ML capabilities and implement solutions in a safe, responsible way.”

In terms of the creation or elimination of jobs, Dimon stated, “Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. It may reduce certain job categories or roles, but it may create others as well. As we have in the past, we will aggressively retrain and redeploy our talent to make sure we are taking care of our employees if they are affected by this trend.”

Dimon said the company is working to “proactively stay in front of AI-related risks, particularly as the regulatory landscape evolves” and that AI is part of JPMorgan Chase’s toolset to stop “bad actors using AI to try to infiltrate companies’ systems to steal money and intellectual property or simply to cause disruption and damage.”

Currently, JPMorgan Chase is using AI to analyze vast troves of data to prevent fraud, risk management, provide financial insights, and assess security risks.
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• Dimon’s letter to Shareholders