JPMorgan Chase CEO Jamie Dimon testifies during the Senate Banking, Housing and Urban Affairs Committee hearing entitled Annual Oversight of Wall Street Firms at the Hart Building on December 6, 2023.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Jamie Dimon, the experienced CEO and chairman of JPMorgan Chasesaid he was convinced that artificial intelligence will have a profound impact on society.
In his annual letter to shareholders published on Monday, Dimon chose AI as the first topic in his update on the issues facing the largest US bank by assets – ahead of geopolitical risks, recent acquisitions and regulatory issues.
“While we don't know the full effect or the precise speed at which AI will change our business – or how it will impact society as a whole – we are fully confident that the consequences will be extraordinary,” Dimon said.
The impact will “potentially be as transformative as some of the most important technological inventions of the past few hundred years: think the printing press, the steam engine, electricity, computers and the Internet.”
Dimon's letter, which was widely read in the business world due to his status as one of the most successful leaders in the financial world, covered a wide range of topics. The CEO said he was constantly concerned about inflationary pressures and reiterated his warning that the world may be entering the riskiest era in geopolitics since World War II.
But its focus on AI, first mentioned in this form in a 2017 shareholder letter, stood out. The technology, which has gained prominence since ChatGPT became a viral sensation in late 2022, can generate human-sounding answers to questions. Enthusiasm for AI has fueled the rapid rise of chip makers Nvidia and helped tech names reach new heights.
JPMorgan now has more than 2,000 AI and machine learning employees and data scientists, Dimon said. But the technology could eventually touch all of the bank's roughly 310,000 employees, helping some workers and replacing others.
“Over time, we expect that our use of AI will have the potential to expand virtually every job, as well as impact the makeup of our workforce,” Dimon said. “It can reduce certain job categories or roles, but it can also create others.”
This story is developing. Check back later for updates.