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JPMorgan Chase CEO Jamie Dimon envisions a future where artificial intelligence (AI) revolutionizes both work and life and predicts that AI will enhance business productivity and shorten the workweek. Far from the dystopian fears of mass unemployment AI has instilled in many others, he also foresees employees living longer, healthier lives, with advancements in technology improving healthcare and quality of life.
“Your children are going to live to 100 and not have cancer because of technology,” he told Bloomberg TV, and “and they’ll probably be working three and a half days a week,” Dimon told Bloomberg TV.
AI’s Transformative Role in Business
JPMorgan Chase has already embraced AI, with thousands of employees using it to improve error detection, trading, research, and hedging. Dimon views AI as a “living, breathing thing” that will evolve over time, bringing both opportunities and challenges.
Generative AI and large language models (LLMs), key components of this revolution, could automate up to 70 percent of tasks that currently consume employees’ time, according to McKinsey. This automation has the potential to add $2.6 trillion to $4.4 trillion to the global economy annually. Despite fears of job displacement, Dimon emphasized AI’s history of creating opportunities.
“People have to take a deep breath,” he said. “Technology has always replaced jobs.”
Challenges and Guardrails
While optimistic, Dimon acknowledges the risks of AI, particularly its potential misuse for cyber warfare and other malicious purposes. Echoing concerns from tech leaders like Bill Gates and Sam Altman, Dimon advocates for guardrails to regulate the technology, though he admits these may take time to implement. He said JPMorgan plans to mitigate disruptions caused by AI by redeploying displaced employees into new roles, as it did during the 2023 acquisition of First Republic Bank.
A Shorter Workweek on the Horizon
The prospect of reduced workweeks isn’t new. Economist John Maynard Keynes famously predicted 15-hour workweeks in the 1930s, citing productivity gains from technological advancements. While that vision has yet to materialize, studies support the idea that fewer workdays can improve well-being.
For instance, a University of Cambridge study on four-day workweeks found a 65 percent reduction in sick days and a 71 percent drop in burnout among employees. These results suggest that AI’s integration into the workforce could pave the way for a healthier and more balanced future.
As AI continues reshaping industries, Dimon’s vision offers a hopeful narrative of innovation, adaptation, and enhanced quality of life.