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American businessman and CEO of JPMorgan Chase & Co., Jamie Dimon, has predicted how artificial intelligence technology will improve our lives in the near future. In his interview on Bloomberg TV on Monday, October 2, 2023, the billionaire explained how AI is already being used by thousands of employees at his bank.
While AI would replace some jobs, Dimon, whose net worth according to Forbes, is estimated at $1.7 billion dollars, argued that its benefits and positives far outweigh the bad.
"Technology has always replaced jobs. 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," he stated.
Despite its upsides, Jamie Damon added that the biggest downside to this technology is it being "used by bad people to do bad things." Citing the dangers of cyber warfare he called for "legal guardrails" to protect against its misuse.
Jamie Dimon started working with JPMorgan Chase & Co. in 2004
Born in New York City, the 67-year-old billionaire attended Tufts University, graduating with a major in psychology and economics. He received his MBA degree from Harvard Business School in 1982 as a Baker Scholar. While studying, he worked at Goldman Sachs.
After graduation, Dimon worked as an assistant to Sandy Weills at American Express. By the age of 30, Jamie Dimon served as the company's chief financial officer. Along with Weills, he formed the financial services conglomerate, Citigroup. However, he left the company in November 1998.
In March 2004, Jamie Dimon became the CEO of Bank One, which merged with JPMorgan Chase in July 2004. At the time he became the company's combined president and chief operating officer.
In December 2005, he was named the CEO of JPMorgan Chase, and a year later named chairman and president. Under his leadership, the bank became the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value.
Jamie Dimon's move to unload $12 billion of subprime mortgages in 2006 buffered the back against the 2008 crash. He has been named one of "The TopGun CEOs" by Brendan Wood International and even included in Time magazine's World's 100 Most Influential People in 2006, 2008, 2009, and 2011. He was also a Class A board member of the Federal Reserve Bank of New York in 2008.
The 67-year-old is one of the few bank CEOs to become a billionaire without founding a bank.
More about Jamie Dimon's interview
Dimon explained to Bloomberg that AI is critical to JPMorgan & Chase's future success as the technology could help it make new products, drive customer engagement, improve employee productivity, and even offer better risk management. Elaborating on its potential, he added:
"The way to think about it for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI."
According to the 67-year-old CEO, the bank is in the process of hiring for thousands of AI-related positions.
