Resistance Protocols

JPMorgan CEO: AI will be used for "every single process"

In an interview published on October 2nd 2023, JPMorgan CEO Jamie Dimon unveiled his AI-driven vision for the financial industry. He expressed his belief that AI has the potential to revolutionise every aspect of JPMorgan’s operations, from trading and hedging to research and error detection. He described AI as a “living, breathing thing,” capable of transforming traditional processes and augmenting human capabilities. Dimon says artificial intelligence will be part of "every single process," adding it's already "doing all the equity hedging for us”. His enthusiasm for AI is grounded in its current applications within JPMorgan. He revealed that AI is already extensively used in equity hedging, idea generation, and large language models. Despite acknowledged that AI will replace certain jobs, but he emphasised that technology has historically led to job displacement and this evolution is a natural part of progress. He expressed concern about AI technology being potentially misused by malicious actors, especially in cyberspace. He stressed the importance of establishing legal safeguards to prevent the misuse of AI. Despite these concerns, Dimon remains optimistic about the positive impact of AI on the workforce and society. He highlighted the benefits of other technological breakthroughs, many of which can be further enhanced using AI. “Your children will live to 100 and not have cancer because of technology, and they’ll probably be working three days a week. So technology’s done unbelievable things for mankind,” said Dimon. He outlined JPMorgan’s proactive approach to potential job displacement caused by AI implementation. He expressed the firm’s commitment to supporting employees who might be affected, stating that they plan to redeploy displaced workers in local branches or different functions within the company. Resistance Protocols emphasizes that “Your children will probably be working three days a week” is a dangerous falsehood that has lost all its credibility with rational people. 200 years ago, more than 90% of people were working in agriculture. Today less than 2% of people in highly industrialized countries are working in agriculture. Despite this, the amount of hours people spend working has barely decreased, and the kind of work that working class people do in highly industrialized countries is much less satisfying than subsistence agriculture. If you would like to learn more or discuss the direction in which technological advancements are pushing society, use the first link on the Contact page. Sources: