Dimon says AI could have similar impact as the printing press, electricity and internet

JPMorgan Chase CEO Jamie Dimon published his yearly missive to shareholders connected Monday successful which he discussed nan implications of artificial intelligence (AI) connected nan operations of nan largest lender successful nan U.S. and nan system astatine large.

Dimon, a billionaire who has led JPMorgan Chase since 2006, mentioned AI arsenic nan first point successful nan information of his shareholder missive addressing circumstantial issues nan institution faces. He said AI will person a transformative effect connected overmuch of business and nine moreover though nan technology's afloat imaginable hasn't yet been realized.

"While we do not cognize nan afloat effect aliases nan precise complaint astatine which AI will alteration our business – aliases really it will impact nine astatine ample – we are wholly convinced nan consequences will beryllium bonzer and perchance transformational arsenic immoderate of nan awesome technological inventions of nan past respective 100 years: Think nan printing press, nan steam engine, electricity, computing and nan Internet, among others," Dimon wrote.

Dimon noted that JPMorgan Chase began utilizing AI a decade ago, and successful nan clip since he first referenced it successful his shareholder missive successful 2017, nan institution has "grown our AI statement materially" and "now includes much than 2,000 AI/machine learning (ML) experts and information scientists."

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JPMorgan Chase CEO Jamie Dimon said AI could beryllium arsenic transformative for humanity arsenic nan printing press, energy and nan internet. (Chris Ratcliffe/Bloomberg via / Getty Images)

"We person been actively utilizing predictive AI and ML for years – and now person complete 400 usage cases successful accumulation successful areas specified arsenic marketing, fraud and consequence – and they are progressively driving existent business value crossed our businesses and functions," he explained.

"We're besides exploring nan imaginable that generative AI (GenAI) tin unlock crossed a scope of domains, astir notably successful package engineering, customer work and operations, arsenic good arsenic successful wide worker productivity," Dimon explained. "In nan future, we envision GenAI helping america reimagine full business workflows. We will proceed to research pinch these AI and ML capabilities and instrumentality solutions successful a safe, responsible way."

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JPMorgan Chase has been utilizing AI and instrumentality learning for a decade, Dimon wrote. (Michael M. Santiago/Getty Images / Getty Images)

Dimon went connected to talk nan financial implications of AI investments arsenic good arsenic its usage by JPMorgan Chase's workforce and nan creation aliases elimination of jobs.

"While we are investing much money successful our AI capabilities, galore of these projects salary for themselves," he wrote. "Over time, we expect that our usage of AI has nan imaginable to augment virtually each job, arsenic good arsenic effect our workforce composition. It whitethorn trim definite occupation categories aliases roles, but it whitethorn create others arsenic well. As we person successful nan past, we will aggressively retrain and redeploy our talent to make judge we are taking attraction of our labor if they are affected by this trend."

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Dimon said JPMorgan Chase is utilizing AI to analyse information arsenic good arsenic to forestall fraud and different information risks. (Ting Shen/Bloomberg via Getty Images / Getty Images)

JPMorgan Chase's position arsenic nan largest U.S. bank pinch a important world footprint gives it entree to immense troves of information that Dimon said tin beryllium harnessed to supply amended financial insights and consequence management.

"As a world leader crossed businesses and regions, we person ample amounts of extraordinarily rich | information that, together pinch AI, tin substance amended insights and thief america amended really we negociate consequence and service our customers," he explained.

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Dimon said nan institution is moving to "proactively enactment successful beforehand of AI-related risks, peculiarly arsenic nan regulatory landscape evolves" and that AI is portion of JPMorgan Chase's toolset to extremity "bad actors utilizing AI to effort to infiltrate companies' systems to bargain money and intelligence spot aliases simply to origin disruption and damage."