While some analysts consider the current boom in artificial intelligence (AI) to be a bubble and warn against buying into AI stocks like NVIDIA, Jamie Dimon, head of the US bank JPMorgan, is absolutely enthusiastic about AI technology. He expects big changes, including in the world of work.
• Dimon expects improved work productivity thanks to AI
• Dimon: Job cuts will be compensated for by new jobs
• Dimon also expects major improvements in the health sector
Jamie Dimon has been the CEO of JPMorgan, the largest bank in the USA, since 2005 and is considered an exquisite expert on international banking Financial markets. Accordingly, his assessments of the current stock market situation as well as his forecasts of future developments always receive great attention. The 67-year-old recently commented on the prospects of AI technology and painted an extremely positive picture.
Dimon expects significant efficiency improvements because of AI
Dimon believes that AI applications will improve people’s lives in many ways. An important area in which the new technology is likely to have a positive impact is working life. In an interview with “Bloomberg TV,” he predicted that the next generation would “probably have to work 3.5 days a week,” while the current 5-day week will increasingly disappear in the coming decades. The banker cites a significant increase in productivity and efficiency as a reason, which will be achieved through the comprehensive adaptation of advanced AI technologies. A Goldman Sachs study comes to a similar conclusion, highlighting AI’s improved labor productivity, which is expected to increase global GDP by up to seven percent in the coming years.
Dimon: Postponements instead of layoffs
JPMorgan also relied heavily on AI programs. Dimon emphasizes that the bank’s investments in AI will add “tremendous value” and will be used in research, trading, customer service and other functions. Asked whether technology is likely to replace some jobs in the bank, he replied that “of course” it will, but that “technologies always replace jobs.” The Goldman Sachs study mentioned also expects that 300 million jobs could be eliminated due to AI applications. However, Dimon then puts the supposed job cuts into perspective and emphasizes the fact that there will be more job shifts rather than complete replacements. The bank continues to hire approximately 30,000 employees annually and many of the laid-off employees will be relocated to new locations and new roles within the company.
Dimon is critical of the home office trend
However, the JPMorgan boss is not of the opinion that the 3.5 working days will always be done from home in the future. In general, Dimon is considered a sharp critic of the trend towards working from home; he called for a quick return to office buildings as early as September 2020, especially among senior employees in management positions, after the first waves of the COVID-19 pandemic. In April 2023, JPMorgan issued a memo calling on the bank’s managing directors to work in the office five days a week. “I don’t know how you can be a leader who isn’t fully accessible to your employees,” Dimon told British business magazine The Economist. The JPMorgan boss is not the only CEO of a large US company who is critical of the development of home office, for example Tesla CEO also called for it Elon Musk repeatedly asked its employees to return to their workplaces in the office.
Dimon: “Our children will be 100 years old”
However, Dimon does not see the advantages of AI as being limited to the professional sector; in fact, thanks to the new technology, he also expects major improvements in the health of future generations. “Your children will live to be 100 years old and thanks to technology they won’t have cancer,” says Dimon, who successfully beat throat cancer himself, diagnosed in 2014. According to Dimon’s optimistic assessment, AI will not only enable more leisure time for future generations, but also enable health well-being thanks to improved diagnosis and treatment of diseases.
Editorial team finanzen.net
Selected leverage products on Goldman Sachs
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the leverage you want and we will show you suitable open-end products on Goldman Sachs
The leverage must be between 2 and 20
Advertising