'Next Generation Will Work For Just 3.5 Days Per Week Due To AI,' Predicts JPMorgan CEO

At a time when the pros and cons of AI (artificial intelligence) and its impact on jobs are still a hot topic of debate around the world, the CEO of the US' biggest bank has made a bold prediction.

What Has JPMorgan CEO Predicted?

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Jamie Dimon, the CEO of the US' biggest bank, JPMorgan, has said that artificial intelligence is already being used by thousands of employees at his bank and is likely to make dramatic improvements in workers¡¯ quality of life, even if it eliminates some jobs.

¡°Your children are going to live to 100 and not have cancer because of technology,¡± Dimon said in an interview on Monday. ¡°And literally, they¡¯ll probably be working three-and-a-half days a week.¡±

Also Read: JP Morgan Fined $4 Million For 'Mistakenly' Deleting 4.7 Crore Emails

What He Has To Say About Artificial Intelligence

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As per a Bloomberg report, JPMorgan CEO Dimon, who has called AI ¡°critical to our company¡¯s future success,¡± previously said the technology can be used to help the firm develop new products, drive customer engagement, improve productivity, and enhance risk management.

JPMorgan advertised for more than 3,500 related roles between February and April, according to data from consultancy Evident, and CEO Dimon dedicated an entire section to AI in his shareholder letter this year, calling JPMorgan¡¯s efforts, which include more than 300 use cases already in production, ¡°an absolute necessity.¡± Even with the positives offered by AI, the technology does pose risks, Dimon said.

¡°Technology has done unbelievable things for mankind, but, you know, planes crash, pharmaceuticals get misused¡ªthere are negatives,¡± he said. ¡°This one, the biggest negative in my view, is AI being used by bad people to do bad things.¡± The CEO said AI might replace some jobs, but that¡¯s always been the case with new technology.

When JPMorgan CEO Called Crypto A Fraud

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JPMorgan's CEO has been known to be quite vocal about his thoughts, whether it's about the debate around AI or cryptocurrency. Earlier this year, when asked about bitcoin at the World Economic Forum in Davos, Switzerland, JP Morgan's CEO bashed cryptocurrencies, saying, ¡°Why they waste any breath discussing the cryptocurrency. Bitcoin itself is a hyped-up fraud, a pet rock.¡±

When asked if he thought the cryptocurrency sector as a whole was a Ponzi scheme, he said, "You guys have all seen the analysis of Tether and all these things. The lack of disclosures is outrageous. Regulators should have stopped this a long time ago. People have lost billions of dollars if you look at its lower-income people, in some cases retirees."

Also Read: India¡¯s $1 Trillion Bond Market Set To Be Included In JPMorgan's Index, All You Need To Know

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