JPMorgan Chase CEO Dimon says AI will replace jobs

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JPMorgan Chase CEO Dimon says AI will replace jobs

JP Morgan Chase's CEO, Jamie Dimon, praised various applications for artificial intelligence in an interview with Bloomberg on Oct. 2.

Dimon called AI a living, breathing machine that can adjust to multiple domains. The bank said it could use AI in 'every single process'.

He also voiced support for AI, claiming that AI will replace jobs. He said that technology has always replaced jobs and suggested that the benefits that AI could offer, such as life extension and a cure for cancer, outweigh the negatives.

In addition, he said that if JP Morgan replaces some positions with AI, this does not necessarily mean that it will force employees out of the company completely.

JP Morgan is recognized for its blockchain projects, such as JPM Coin, Liink, and a rumored upcoming settlement token. The company has also utilized blockchain for specific transactions and pilot programs.

A recent report suggests that members of JP Morgan's main blockchain initiative, Onyx, have developed an experimental system called FedSyn. The system is capable of generating synthetic data for training machine learning models while delegating the aggregation tasks to a member of a permissioned blockchain network.

Although Dimon did not explicitly link AI with his company's blockchain efforts, it's important to note that AI can greatly contribute to blockchain technology's advancement. The company's recent progress provides a glimpse of this progress.

Dimon, however, is a renowned investor for his harsh opinions on cryptocurrency. In January 2023, he said Bitcoin was a 'hyped-up fraud'. He compared other crypto tokens to 'pet rocks' in December 2022. In fact, Dimon and his firm focus on the benefits of enterprise blockchain rather than public blockchain.