JPMorgan CEO Dimon says AI will replace jobs

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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 called AI a 'living, breathing thing' that can adapt to multiple areas. He added that JP Morgan could use AI in 'every single process'.

In addition, Dimon said that AI will replace jobs. He argued 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.

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

JP Morgan is famous for its blockchain projects that are not focused on AI, like 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 JP Morgan's main blockchain project, Onyx, has developed an experimental system called FedSyn. The system can generate 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 efforts, it's worth noting that AI can significantly contribute to blockchain tech's advancement. The company's recent technological advancements provide a glimpse of this progress.

However, Dimon himself is renowned for his harsh opinions on cryptocurrency. He said Bitcoin is a 'hyped-up fraud' in January 2023. He compared other crypto tokens to a 'pet rock' in December 2022. Dimon and his company focus on enterprise blockchain instead of public blockchain.