JPMorgan’s Jamie Dimon predicts artificial intelligence will reduce the work week to 3.5 days, saying “technology will always replace jobs, but…”

According to Fortune magazine, JPMorgan Chase CEO Jamie Dimon believes that artificial intelligence (AI) will enhance business and work-life balance, and may shorten employees’ work weeks to 3.5 days in the future . According to reports, while Dimon also acknowledged the risk of job losses, he chose to emphasize the historical benefits of technology.

Thousands of JPMorgan employees are already using artificial intelligence, Dimon said in an interview with Bloomberg Television, adding that the technology was a “living thing” that was constantly evolving.

Opportunities: Shorter work week, healthcare…

But Dimon sought to move away from his pessimistic view of AI, adding that AI and large language models (LLMs) offer opportunities to improve living standards, according to the report.

“People have to take a deep breath. Technology has always replaced jobs. Because of advances in technology, your children will live to be 100 years old and not get cancer, and they may actually work three and a half days a week,” he told the channel.

On unemployment caused by artificial intelligence substitution

According to “Fortune” magazine, when talking about the threat of unemployment, Dimon believes that although the disruption caused by technology is expected, he hopes that employees who lose their jobs due to artificial intelligence will be transferred to another position rather than fired. them.

He likened JPMorgan’s 2023 acquisition of First Republic to the disruption of artificial intelligence, saying: “At First Republic, we offer jobs to 90% of people. They accept, but we also tell them that some of those jobs are Temporarily. But we employ 30,000 people a year, so if we can do that, we want to be able to find a job for them in a different branch locally or in a different function. We’ll be there in any disruption that AI causes. Do that,” Dimon said.

The ghost of abuse

He also added that the technology could have “negative consequences” if “used by the bad guys.” “Technology has done incredible things for humanity, but you know, plane crashes, drug abuse – these all have negative consequences. The biggest negative, in my opinion, is artificial intelligence being used by bad people to do Bad things. Think cyberwar,” he added.