Jamie Dimon, CEO of JPMorgan Chase, has compared the potential impact of artificial intelligence to other historical innovations like the printing press, the steam engine, and the internet. While the full impact of AI on the bank’s business is still unknown, Dimon believes it will have “extraordinary” consequences.
JPMorgan currently has a team of over 2,000 AI experts working in areas such as marketing, fraud, and risk. The bank uses AI in more than 400 specific cases and is exploring how generative AI can be applied to fields such as customer service, operations, and software engineering. Dimon believes that AI has the potential to augment virtually every job, creating new roles and changing the workforce composition over time.
To address the risks associated with AI, JPMorgan has created a chief data and analytics officer role. This individual reports directly to Dimon and the chief operating officer to ensure that ethical standards are maintained and bias is countered. Dimon emphasizes the importance of rigorously managing AI risks and collaborating with regulators, experts, and clients to address potential ethical concerns.
