JPMorgan Chase CEO Jamie Dimon says AI is moving faster than other tech cycles in the past, and that it could trigger a social upheaval if the rollout remains unchecked.
In a new interview at Davos, Dimon says the pace of AI development and deployment is unprecedented and that what we’re witnessing now is just the tip of the iceberg.
“I think this one is faster, is massive. It is like the internet or electricity. It is not going to run for over 20 years. It’s more parabolic for now.”
Looking at its impact on the labor market, the JPMorgan boss says AI will ultimately deliver massive productivity gains, but notes that it comes at the expense of ordinary people losing their livelihoods.
“I’ll give you a thought exercise. Two million commercial trucks in the United States. It may get to the point where you can push a button, you’re going to save lives, it’s going to be faster, [and] you’re going to save CO2. It obviously makes sense. And should you do it all at once if two million people go from driving a truck making $150,000 a year to a next job that might be $25,000? No. You’ll have civil unrest.”
Dimon calls on governments around the globe to enact safeguards now to phase in the deployment of AI. He says JPMorgan would agree if the government told the bank that it could not lay off a huge number of employees at once due to AI adoption.
Dimon also says the best way to avoid social disruption is to have conversations with companies at the local level.
“I think it should be done at more of a local level, where someone says to JPMorgan, ‘We’ll give you incentives to put in place to retrain these people. Can you slow this down and give people income assistance?’
Yeah, we could do stuff like that. We’re not going to kill all of our employees tomorrow because of AI. We’re just not like that.”
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