JPMorgan CEO Dimon says AI will replace jobs

JPMorgan CEO Dimon says AI will replace jobs

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

AI is a 'living, breathing thing' that can adapt to multiple domains. He said that JP Morgan could use AI in every single process.

Daniel Dimon said AI will replace jobs. He argued that technology has always replaced jobs, and suggested that the benefits that AI might provide, such as life extension and a cure for cancer, outweigh the negatives.

If JP Morgan replaces certain positions with AI, it does not necessarily mean that it will force employees out of the company completely, he said.

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

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

Although Dimon didn't explicitly link AI to his company's blockchain initiatives in the interview, it's worth noting that AI can significantly contribute to blockchain technology's advancement. The company's recent advancements offer a glimpse of this progress.

He is renowned for his steadfast views on cryptocurrency, but Dimon himself has also been criticized for his harsh views on the matter. In January 2023, Goldman called Bitcoin a 'hyped-up fraud'. He compared other crypto tokens to 'pet rocks' in December 2022. In short, dimon and his firm are mostly focused on the applications of enterprise blockchain instead of public blockchain.