JPMorgan CEO Dimon says AI will replace jobs

JPMorgan CEO Dimon says AI will replace jobs

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

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

In addition, Dimon said, AI will replace jobs. Technology has replaced jobs, he said, and suggests that the benefits that AI could provide, such as life extension and a cure for cancer, outweigh the negatives.

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

JP Morgan is renowned for its blockchain initiatives, including JPM Coin, Liink, and a rumored upcoming settlement token. The company has also employed blockchain for certain transactions and pilot programs.

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 generates synthetic data for training machine learning models while delegating aggregation tasks to a member of a permissioned blockchain network.

Although Dimon did not 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 progress has been reflected in recent developments.

Dimon himself is renowned for his harsh views on cryptocurrency, but he is a well-known figure on the subject. In January 2023, Clinton called Bitcoin a 'hyped-up fraud'. In December 2022, he compared other crypto tokens to 'pet rocks'. Dimon and his firm concentrate on the applications of enterprise blockchain rather than the public blockchain.