Jamie Dimon, the CEO of JPMorgan Chase, has predicted that artificial intelligence (AI) could have a significant impact on global business in the near future. In his annual shareholder letter, Dimon expressed his belief that AI has the potential to be as transformative to the economy as electricity.
While acknowledging that the full extent of AI’s impact is still unknown, Dimon emphasized that its consequences will be extraordinary. He likened the potential impact of AI to major technological inventions of the past, such as the printing press, the steam engine, electricity, computing, and the Internet.
The widespread adoption of AI has already led to significant transformations in workplaces worldwide. According to the International Monetary Fund, nearly 40% of global employment could be disrupted by AI across various industries, including medicine, finance, and music.
As a result of the AI boom, companies associated with AI technologies have experienced soaring stock prices. Chipmaker Nvidia has seen its stock rise by over 219% in the last 12 months, while Microsoft’s stock has increased by nearly 50%.
Dimon revealed that JPMorgan, as the world’s largest bank by market capitalization, is actively exploring the potential of generative AI within its own operations. The bank is leveraging AI in software engineering, customer service, operations, and general employee productivity, with the anticipation that AI could augment virtually every job and impact the workforce composition.
With over 2,000 AI and machine learning experts, JPMorgan is heavily investing in AI capabilities. The bank has also appointed a chief data & analytics officer to strengthen its focus on AI and machine learning.
However, Dimon also highlighted the risks associated with the AI boom, particularly in terms of cybersecurity. He noted that bad actors are increasingly using AI to infiltrate companies’ systems for malicious purposes, including theft of money and intellectual property, and causing disruption and damage.
As a response to the escalating cybersecurity challenges, JPMorgan Chase, the largest US bank by assets, is investing $15 billion annually and employing 62,000 technology professionals to address these threats.
