May 29, 2024

AI is one of the most important technologies of modern times.

Dimon
Dimon

JPMorgan Chase CEO and Chairman of the Board Jamie Dimon stated that artificial intelligence will have a significant impact on society.

In his annual letter to shareholders, Dimon chose AI as the first topic in the list of issues facing the bank. In terms of significance, the technology surpassed geopolitical risks.

“While we do not know the full effect or the exact speed at which artificial intelligence will change our business, or how it will impact society as a whole, we are fully convinced that the consequences will be extraordinary,” the top manager said.

The impact will be as transformative and as significant as the invention of the printing press, steam engine, electricity, computers, and the internet, Dimon stated.

The CEO specified that he is still concerned about inflationary pressure and the fact that the world is entering the most risky era in geopolitics since World War II. But his primary focus is on AI.

According to Dimon, JPMorgan currently has more than 2000 employees working on neural networks and machine learning. They are working on 400 applications, including fraud detection, marketing, and risk control. The bank is also exploring the possibilities of using generative AI in software development, customer service, and increasing labor productivity.

In the end, the technology may affect all 310,000 employees, helping some and replacing others, as well as forcing the company to retrain employees for new roles.

“Over time, we expect that the use of neural networks will complement virtually all specialties, as well as impact the composition of our staff,” Dimon noted.

Earlier, JPMorgan helped some corporate clients reduce manual labor by nearly 90% using an AI tool.

Recall that in February, a bank survey showed that neural networks will play a leading role in trading in the next three years.

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