Jamie Dimon compared the potential impact of artificial intelligence to that of other innovations throughout history, including “the printing press, the steam engine, electricity, computing and the Internet.”
JPMorgan Chase & Co.’s CEO said in his annual letter to shareholders on Monday that while the bank does not yet know the full impact of artificial intelligence on its business, he believes it will have “extraordinary” consequences.
“Since the company first began using AI more than a decade ago and first mentioned it in my 2017 letter to shareholders, we have grown our AI organization significantly. It now has more than 2,000 AI/ML employees (ML) experts and data scientists,” Dimon said in the letter.
JPMorgan is using artificial intelligence in more than 400 specific cases, including marketing, fraud and risk. The bank is also exploring how generative AI can be applied to areas such as customer service and operations and software engineering, he said.
GenAI will “reimagine the entire business workflow,” Dimon said. “Over time, we expect the use of AI to have the potential to augment nearly all jobs and impact the composition of our workforce. It may reduce some job categories or roles, but it may also create others.”
The bank has created a chief data and analytics officer position that will report to Dimon and COO Daniel Pinto, a move Dimon said reflects the “severity” the bank expects to see the impact of artificial intelligence on operations.
However, the CEO said AI risks need to be “rigorously managed”. He added that JPMorgan would work with regulators, experts and clients to ensure ethical standards are maintained and “bias is eliminated.”