Jamie Dimon, CEO and Chairman of JPMorgan Chase, stated that artificial intelligence will have a profound impact on society.
In his annual letter to shareholders, Dimon highlighted AI as the foremost issue facing the bank, surpassing geopolitical risks in importance.
“While we do not know the full effect or the exact pace at which artificial intelligence will change our business, and how it will impact society at large, we are fully convinced that the consequences will be extraordinary,” said the top executive.
The impact will be as transformative and significant as the invention of the printing press, steam engine, electricity, computers, and the internet, Dimon asserted.
The CEO noted that he remains concerned about inflationary pressures and that the world is entering the most perilous era in geopolitics since World War II. However, his primary focus is on AI.
According to Dimon, JPMorgan currently employs over 2,000 staff working on neural networks and machine learning. They are engaged in 400 applications, including fraud detection, marketing, and risk management. The bank is also exploring the use of generative AI in software development, customer service, and productivity enhancement.
Ultimately, the technology could affect all 310,000 employees, assisting some and replacing others, as well as prompting the company to retrain workers for new roles.
“Over time, we expect the use of neural networks to complement virtually all professions and also impact our workforce composition,” noted Dimon.
Previously, JPMorgan helped some corporate clients reduce manual labor by nearly 90% with an AI tool.
In February, a bank survey revealed that neural networks are expected to play a leading role in trading within the next three years.