Artificial intelligence will transform the banking sector, the labor market, and specific sectors of the global economy. This was stated by JPMorgan Chase CEO Jamie Dimon in his annual letter to shareholders.
He believes that the technology will impact nearly all aspects of the bank’s operations and business processes—from customer service to internal systems. In the long term, this will have a “tremendously positive impact on productivity.”
“The pace of adoption will be much faster than previous technological transformations, such as electricity or the internet,” the entrepreneur noted.
Dimon highly praised the potential long-term impact of artificial intelligence on the labor sector, scientific research, and the overall quality of life in developed countries.
“I don’t think it would be an exaggeration to say: AI, among other positive outcomes, will help cure some types of cancer, create new composite materials, and reduce the number of deaths from accidents,” said the head of one of the largest banks.
As for the risks of the technology, Dimon mentioned deepfakes, the spread of disinformation, and cybersecurity threats.
“But these can be managed if companies, regulators, and governments are prepared. The right approach requires careful preparation in advance, honest assessment, and discipline to fix what is broken without destroying what works,” the expert stated.
Investments and Unemployment
Dimon’s letter comes amid JPMorgan’s increased investments in the artificial intelligence sector. In February, the bank announced its intention to spend $19.8 billion on the technology.
This figure represents a sharp increase in the financial giant’s expenditures compared to 2025. In October, Dimon reported that the financial institution spends about $2 billion on AI initiatives.
In the letter, the entrepreneur addressed the issue of job losses due to large language models. According to him, the technology will change the labor market as companies implement automation in an increasing number of tasks.
“AI will lead to the disappearance of some jobs, while others will become more efficient. Our company will have clear plans to support and redeploy affected employees,” Dimon wrote.
Concerns about job cuts are heightened by the growing capabilities of AI.
In January, Anthropic CEO Dario Amodei warned that the rapid development of neural networks could outpace the ability of labor markets and social institutions to adapt to changes.
Transformations will occur within “a few years, not decades,” the expert believes. He confirmed a previously stated forecast that AGI will emerge by 2026 or 2027.
OpenAI’s Plan
OpenAI published a document Industrial Policy for the Intelligence Age: Ideas to Keep People First, proposing steps for the era of advanced AI.
The company states that the technology is moving from systems with narrow applications to a broader range of tasks, and in the future—to “superintelligence.” The benefits could be enormous: increased productivity, cheaper goods, and accelerated science and medicine. However, without new policies, risks of wealth concentration, job losses, abuses, and weakening of democratic control will rise.
The document’s authors believe that the transition to powerful AI will require new industrial policies, where the state, business, and institutions will expand access to the technology while simultaneously reducing risks.
Among the proposals:
- give workers a voice in how AI is implemented in workplaces;
- help people turn professional expertise into new companies;
- ensure broad access to foundational models so that schools, libraries, small businesses, and poor communities are not cut off from opportunities;
- transform the tax base—rely more on capital levies, corporate income, and introduce forms of taxation related to labor automation;
- create a public wealth fund that would give every citizen a share in the growth generated by artificial intelligence;
- accelerate the construction of power grids and other infrastructure for AI;
- implement a four-day workweek without loss of pay and larger pension contributions;
- make the social support system more adaptive: monitor the impact of technology on employment, wages, and job quality and include temporary support measures—expanded benefits, cash payments, training vouchers.
OpenAI believes that as automation increases, the importance of areas where human contact is especially crucial will grow: education, healthcare, and others. The company suggests developing these as a direction for labor transition for those displaced by AI.
Back in December 2025, a Nobel laureate predicted a wave of unemployment due to AI.
