According to Jamie Dimon, artificial intelligence will have "extraordinary" effects on humanity as electricity and the Internet have.

                

 

JPMorgan's CEO is Jamie Dimon. Brian Snyder of REUTERS

•Jamie Dimon likened the possible effects of artificial intelligence to technological advancements such as the internet.

•According to him, JPMorgan Chase already employs 2,000 AI specialists in fields like risk and fraud.

•Dimon noted that ethical standards for AI must be upheld and hazards must be strictly controlled.

 

The possible influence of artificial intelligence was linked by Jamie Dimon to historical advancements such as the "printing press, the steam engine, electricity, computing, and the internet."

Although the full impact of AI on the bank's operations is still unknown, the CEO of JPMorgan Chase stated in his annual letter to shareholders on Monday that he anticipates "extraordinary" implications.

 

"We have significantly expanded our AI organization since the company began utilizing AI more than ten years ago, and I first mentioned it in my 2017 letter to shareholders. More than 2,000 data scientists and experts in AI/ML are currently part of it, according to Dimon's letter.

More than 400 specialized instances, including marketing, fraud, and risk, are handled by JPMorgan utilizing AI. According to him, the bank is also investigating the potential applications of generative AI in software engineering and other domains including operations and customer service.

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In other words, GenAI will "reimagine entire business workflows," according to Dimon. "In the long run, we believe that artificial intelligence (AI) will have the ability to improve almost every job and change the makeup of our labor force. While it might eliminate some employment categories or positions, it might also create new ones."

In a move that Dimon believes shows "how seriously" the bank expects artificial intelligence to impact operations, the bank has created a position for a chief data and analytics officer, who will report to both Dimon and Daniel Pinto, the chief operational officer.

But the CEO insisted that dangers associated with AI must be "rigorously managed." In order to guarantee that it upholds moral principles and to "counter bias," JPMorgan Chase would collaborate with authorities, specialists, and clients, he continued.