JPMorgan CEO, Says AI Can Replace Human Workers In Many Company Processes

JAKARTA - JPMorgan CEO Jamie Dimon stated that artificial intelligence (AI) can be applied to his company's "every process" of operations and may replace human roles in several positions.

In an interview with Bloomberg on October 2, Dimon said he hoped to see "manifolds of models" and tools as well as technology for AI in the future. "This is something that lives and develops," he said, as quoted by Reuters.

"But the way to think about it for us is every process, so mistakes, trade, hedges, research, every application, every database, you can apply AI," he said.

"So maybe as a co-pilot, maybe replacing humans... AI is doing almost all equity hedges for us. This is a generation of ideas, this is a big language model," he said. He also added that in general, AI can also affect customer service.

"We already have thousands of people doing it," said CEO JPMorgan on AI research, including some of the "best scientists in the world."

Asked if he expected AI to replace some work, Dimon replied "of course," but stressed that technology always does. "People need to take a deep breath. Technology always replaces work," he explained.

"Your children will live up to 100 years of age and have no cancer due to technology, and in fact they may only work three days a week. So technology has done extraordinary things for mankind," he added. However, Dimon acknowledged that there is also a negative impact of developing technology.

When talking about AI, Dimon said he was deeply concerned about "the use of AI by bad people to do bad things" - especially in the cyber realm - but he hoped that the rule of law would limit the behavior over time.

Dimon concludes that AI will add "big value" to the workforce, and if the company replaces employees with AI, he hopes they will be able to replace the affected workers in a more appropriate work environment.

"We look forward to finding local jobs for them in different branches or functions, if we can do so, and we will do it with every dislocation that occurs due to AI," he said.