JPMorgan Chase CEO Jamie Dimon is addressing concerns about artificial intelligence (AI) by highlighting its potential to improve business operations and employee work-life balance, rather than offering a bleak view of mass job losses. Dimon, who has long been an advocate for traditional career values like hard work and office presence, is now predicting that AI will significantly change the future of work.
According to Dimon, the next generation of workers could enjoy a 3.5-day workweek, driven by AI’s ability to automate routine tasks. He also anticipates that advances in healthcare and technology will allow people to live to 100 years old.
AI and the Future of Work
Speaking to Bloomberg TV, Dimon outlined how AI technology is already transforming JPMorgan’s operations, from error correction and trading to research and hedging. While some fear that AI might replace human workers, Dimon argues that this technological shift will create new opportunities and allow workers to focus on more valuable tasks.
He emphasized that AI is not a futuristic concept, but a “living, breathing” technology that continues to evolve. Dimon pointed to AI’s potential to boost productivity, citing a report from McKinsey that found generative AI could automate 60-70% of the tasks employees currently perform, contributing trillions to the global economy.
Predicting Longer Lives and Shorter Work Weeks
Beyond the workplace, Dimon believes AI and medical advancements will significantly improve quality of life, potentially allowing future generations to live longer, healthier lives. He predicts that many children born today could live to 100 and benefit from advancements that eradicate diseases like cancer.
“I truly believe your children will live to be 100, and they won’t have cancer, thanks to technology,” Dimon said. “And they’ll probably work just 3.5 days a week.”
The idea of a shorter workweek is supported by growing evidence. A 2022 study by the University of Cambridge found that companies that adopted a four-day workweek saw a 65% drop in sick days and a 71% reduction in burnout. In fact, 92% of the businesses involved in the trial planned to maintain a three-day weekend.
Dimon’s predictions echo those of economist John Maynard Keynes, who in 1930 predicted that advances in technology would reduce work hours to just 15 hours per week by the time of his grandchildren’s generation. While the average workweek in the U.K. today is still 36.4 hours, the idea of a drastically reduced workweek is gaining traction.
The Risks of AI
While Dimon is optimistic about AI’s potential, he also recognizes the risks. Drawing parallels with historical technological advancements that have had negative consequences, he warned that AI could be used maliciously. In particular, Dimon echoed concerns about the potential for cyber warfare and other harmful uses of AI.
“There are incredible benefits from technology, but there are also dangers,” Dimon acknowledged. “The biggest risk I see is AI being weaponized by bad actors.”
Dimon also called for stronger regulations in the AI space, but acknowledged that these protections may take time to implement due to the rapid pace of technological development.
AI and Workforce Displacement
Dimon is aware that AI could disrupt workers’ jobs, but he reassured employees that JPMorgan Chase is committed to “redeploying” staff affected by automation. He referenced the bank’s acquisition of First Republic Bank in 2023, where the majority of displaced employees were offered new roles within the company. Dimon stressed that JPMorgan hires about 30,000 people annually and would continue to support its workforce through any transitions caused by AI.
“We will do everything we can to help employees transition into new roles if AI disrupts their current jobs,” Dimon explained. “Just as we did during the First Republic deal, we will find new opportunities for those affected.”