 "A major challenge in unlocking the full potential of artificial intelligence (AI) is access to skilled talent, a problem that even India, with one of the largest AI talent pools, is grappling with.")
JPMorgan CEO Jamie Dimon is championing the potential of artificial intelligence (AI) to transform businesses and redefine work-life balance, dismissing fears of the technology wreaking havoc on humanity.
Dimon, a stalwart proponent of traditional career values like hard work and in-office presence, envisions a future where AI enables employees to cut their workweek from five days to just three and a half. Speaking to Bloomberg TV, Dimon went further, predicting a world where future generations could routinely live to 100, with technology paving the way for longer, healthier lives.
“Your children are going to live to 100 and not have cancer because of technology, and literally they’ll probably be working three and a half days a week,” Dimon said, urging people to embrace the changes AI will bring.
AI at JPMorgan
JPMorgan, America’s largest bank, has already integrated AI into various operations, including error detection, trading, research, and hedging. Dimon describes AI as a “living, breathing thing” that will evolve over time, transforming not just business processes, but societal norms.
This technology’s potential has also fueled concerns about job displacement, with Goldman Sachs estimating that AI could replace 300 million jobs globally. In the United States, nearly a quarter of the workforce fears losing their roles to AI. Yet Dimon remains optimistic, likening AI’s disruptions to previous technological revolutions that ultimately enhanced living standards.
More From This Section
 "Huawei")
 "Apple App Store Awards 2024")
 "Samsung Black Friday sale")
 "Realme GT 7 Pro")
 "Prashanth Prakash, Partner, Accel")
“People have to take a deep breath,” he said, adding, “Technology has always replaced jobs. But it’s also created new opportunities and improved our quality of life.”
From four-day weeks to a healthier workforce
The benefits of AI-driven efficiency are already evident. A McKinsey report suggests that generative AI and emerging technologies could automate 60 per cent to 70 per cent of employees’ current tasks, adding $2.6 trillion to $4.4 trillion annually to the global economy. This shift could lead to shorter workweeks as tasks once requiring human intervention are streamlined.
Studies support this notion. A University of Cambridge analysis of a four-day workweek trial involving 61 British organisations found a 65 per cent drop in sick days and a 71 per cent reduction in employee burnout. Ninety-two per cent of companies involved in the study decided to adopt the shorter week permanently.
Dimon’s predictions echo historic forecasts, including economist John Maynard Keynes’s 1930 essay, which envisioned a 15-hour workweek for future generations due to increased productivity. While the current average in the United Kingdom is 36.4 hours, AI may finally bring Keynes’s vision closer to reality.
AI: The double-edged sword
Despite his optimism, Dimon acknowledges the risks associated with AI, especially in the hands of bad actors. He compared the potential misuse of AI to catastrophic scenarios in other fields, such as plane crashes or pharmaceutical abuse.
“This one, the biggest negative in my view, is AI being used by bad people to do bad things. Think of cyber warfare,” he warned.
Like other tech leaders, Dimon supports the implementation of guardrails to ensure AI’s ethical use. However, he admitted that regulatory frameworks will take time to develop, given the nascent stage of the technology.
A path forward for displaced workers
Dimon also addressed the challenges AI poses for employees whose roles may be rendered redundant. Drawing on JPMorgan’s acquisition of First Republic in May 2023, where 90 per cent of employees were offered new positions despite some roles being temporary, Dimon emphasised the bank’s commitment to redeploying staff impacted by AI-driven dislocation.
“We hire 30,000 people a year, so we expect to be able to get (displaced workers) a job somewhere local, in a different branch or function if we can do that,” Dimon said, highlighting his belief in adapting to change while prioritising employee well-being.
 "AI, Artificial Intelligence")
 "Less than two years since generative artificial intelligence (GenAI) came to the market, organisations are discovering that instead of automating away jobs, the technology is boosting workers' performance. That's one of the key findings of Freshworks")
 "Gemini app on Android")
 "The number of companies worldwide that are “fully modernised” and follow processes based on artificial intelligence (AI) has increased from 9 per cent in 2023 to 16 per cent this year, according to a survey by Accenture. India's share tripled from 8")
 "Agentic AI: A new iteration of AI is now taking the world by surprise")
