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Jamie Dimon says AI will have 'extraordinary' consequences and may be as transformative as electricity and the internet

Jyoti Mann   

Jamie Dimon says AI will have 'extraordinary' consequences and may be as transformative as electricity and the internet
  • Jamie Dimon compared the potential impact of artificial intelligence to innovations like the internet.
  • He said JPMorgan Chase now has 2,000 AI experts working in areas such as fraud and risk.

Jamie Dimon compared the potential impact of artificial intelligence to that of other innovations in history including the "printing press, the steam engine, electricity, computing and the internet."

The CEO of JPMorgan Chase said in his annual letter to shareholders Monday that while the bank didn't yet know the full impact of AI on its business, he believes it will have "extraordinary" consequences.

"Since the firm first started using AI over a decade ago, and its first mention in my 2017 letter to shareholders, we have grown our AI organization materially. It now includes more than 2,000 AI/machine learning (ML) experts and data scientists," Dimon said in the letter.

JPMorgan is using AI in more than 400 specific cases including marketing, fraud and risk. He said the bank's also exploring how generative AI can be applied to fields such as customer service and operations as well as software engineering.

GenAI will "reimagine entire business workflows," Dimon said. "Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. It may reduce certain job categories or roles, but it may create others as well."

The bank has created a chief data and analytics officer role, who will report to Dimon and chief operating officer Daniel Pinto in a move Dimon thinks reflects "how seriously" it expects AI to influence operations.

However, the CEO said AI risks needed to be "rigorously managed." JPMorgan Chase will worked with regulators, experts and clients to ensure it maintains ethical standards and to "counter bias," he added.




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