Jamie Dimon, CEO of JPMorgan Chase, affirms throughout the Senate Banking, Housing and Urban Affairs Committee hearing entitled Annual Oversight of Wall Street Firms, in the Hart Building onDec 6, 2023.
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Jamie Dimon, the veteran CEO and chairman of JPMorgan Chase, stated he was encouraged that expert system will have an extensive effect on society.
In his yearly letter to investors launched Monday, Dimon selected AI as the very first subject in his upgrade of concerns dealing with the greatest U.S. bank by properties– ahead of geopolitical dangers, current acquisitions and regulative matters.
“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” Dimon stated.
The effect will be “possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet.”
Dimon’s letter, checked out extensively in business world since of his status as one of the most effective leaders in financing, struck a variety of subjects. The CEO stated that he had continuous issues about inflationary pressures and repeated his caution that the world might be getting in the riskiest age in geopolitics because World War II.
But his concentrate on AI, very first pointed out in this format in a 2017 investor letter, stood apart. The innovation, which has actually acquired in prominence because ChatGPT ended up being a viral experience in late 2022, can produce human-sounding reactions to questions. Enthusiasm for AI has actually sustained the meteoric increase in chipmaker Nvidia and assisted move tech names to brand-new heights.
JPMorgan now has more than 2,000 AI and artificial intelligence staff members and information researchers, Dimon stated. But the innovation might eventually touch all of the bank’s approximately 310,000 staff members, helping some employees while changing others.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition,” Dimon stated. “It may reduce certain job categories or roles, but it may create others as well.”
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