Trading, hedging, research and errors are all aspects of the financial sector that can be streamlined by AI, says JPMorgan CEO Jamie Dimon, whose firm already has “thousands” of employees working to make the firm’s services more AI-driven.
JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as just some of the processes that can be streamlined by AI.JPMorgan CEO Jamie Dimon says artificial intelligence could be applied to “every single process” of his firm’s operations and may replace humans in certain roles.with Bloomberg, Dimon said he expects to see “all different types of models” and tools and technology for AI in the future.
“But the way to think about for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI.” “So it might be as a co-pilot, it might be to replace humans … AI is doing all the equity hedging for us for the most part. It’s idea generation, it’s large language models,” he said, adding more generally, it could also impact customer service.
Asked whether he expects AI will replace some jobs, Dimon said “of course” — but stressed that technology has always done so.“Your children will live to 100 and not have cancer because of technology and literally they'll probably be working three days a week. So technology’s done unbelievable things for mankind.
“We expect to be able to get them a job somewhere local in a different branch or a different function, if we can do that, and we’ll be doing that with any dislocation that takes place as a result of AI.”
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