JPMorgan chief executive Jamie Dimon says investors and workers should not hit the panic button about AI and mass automation.
In a new discussion at the America Business Forum in Miami, Dimon says AI will touch every corner of the economy – from customer interactions to day-to-day tasks – but warns against fatalistic assumptions about the future of work.
Dimon says AI is a force that will transform productivity, unlock new industries and reduce working hours over time, but notes that the technology will demand thoughtful policy guardrails to cushion labor disruptions.
“It’s going to affect, the way I look at it, is every application, every job, every customer interface, everything we all do, and you’re all going to have your own personal assistants, you’re going to have agents that do research for you every time you wake up in the morning….
It’s going to be unbelievable. It’s going to cure a lot of diseases that we’ve all been afflicted with. My guess is the developed world will be working three and a half days a week in 20, 30, 40 years and have wonderful lives.”
Dimon says AI comes with risks, citing the use by fraudsters and scammers. But he urges people to embrace the technology while addressing potential harms.
He also notes that prior waves of automation changed industries and workforce geography, predicting that similar transitions will play out again.
“We had 40 million people working on farms. Tractors and fertilizers are now like one and a half million. We live better lives. We have better food. Those people went to Texas, other things… And so it’ll be okay.”
But Dimon warns that the only problem with AI is that if widespread adoption happens quickly, it could trigger mass unemployment.
“And the only thing I’d add to that is if it happens too fast for society to adjust… I think there are two million commercial truckers in the United States… You can’t put two million people out of jobs. And the way to handle that is retraining, income assistance. Slow it down. Early retirement, relocation programs. And it’s all doable. And that would have to take both government and business doing that together.”
He closes by emphasizing the irreplaceable nature of human capability despite technological acceleration.
“You can’t replace human capital. You can’t replace thinking.”
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