JPMorgan Chase CEO Jamie Dimon revealed Monday that artificial intelligence is one of the biggest challenges facing the largest bank in the U.S.
In his “Annual Report 2023” letter, Dimon said JPMorgan faced several challenges, from the terrible ongoing war and violence in the Middle East and Ukraine to geopolitical tensions with China, but highlighted AI as the foremost issue facing the bank.
JPMorgan CEO Likens AI’s Impact on Printing Press, Electricity, Internet, and Others
Dimon wrote that AI could be as transformational as some of technological inventions of the past decades, “think the printing press, the steam engine, electricity, computing and the Internet, among others.” On the other hand, the consequences can be “extraordinary.”
“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” Dimon precisely noted.
Over the past few months, AI has increasingly become a hot subject of discussion for business owners and experts. Far beyond popular applications like ChatGPT, its impact has been felt across various sectors, where most companies are compelled to adapt or face the consequences of stagnation.
JPMorgan Expands Its Team to Over 2,000 AI Experts
Despite the challenge of navigating and integrating AI, Dimon said the technology is important to the company. He said JPMorgan has grown its team to include over 2,000 AI experts and data scientists since it started using AI over a decade ago.
“We have been actively using predictive AI and ML for years — and now have over 400 use cases in production in areas such as marketing, fraud and risk,” Dimon noted. “They are increasingly driving real business value across our businesses and functions.”
Dimon also told shareholders that the bank is exploring other applications of AI, such as using GenAI in software engineering, customer service and operations, and boosting general employee productivity. He expects that AI will augment different roles at the company in the future.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. It may reduce certain job categories or roles, but it may create others as well,” said Dimon.
Source: https://reports.jpmorganchase.com/investor-relations/2023/ar-ceo-letters.htm#specific-issues
