Jamie Dimon praises AI tech, saying JP Morgan could use it in ‘every single process’ Jamie Dimon praises AI tech, saying JP Morgan could use it in ‘every single process’
Dimon acknowledged the risk of job displacement, but emphasized that the value and benefits of the technology would outweigh those concerns.
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Updated: Oct. 2, 2023 at 9:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Jamie Dimon, the CEO of JP Morgan Chase, praised various applications for artificial intelligence (AI) in an interview with Bloomberg on Oct. 2.
Dimon called AI a “living, breathing thing” that can adapt to multiple multiple areas. He said that JP Morgan could use AI in “every single process,” stating:
“So errors, trading, hedging, research, every app, every database, you can be applying AI. So it might be as a co-pilot, it might be to replace humans … AI is doing all the equity hedging for us for the most part. It’s idea generation, it’s large language models.”
Dimon went on to state that AI can be used to take notes during conversations, can be used to find areas that a client might be interested in, and can be used in customer service. He concluded by stating: “it’s a little bit of everything.”
Dimon also commented on whether AI will replace jobs. He argued that technology has always replaced jobs and suggested that the benefits that AI might provide, such as life extension and a cure for cancer, outweigh the negatives.
He additionally said that if JP Morgan replaces some positions with AI, this does not necessarily mean that it will force employees out of the company entirely.
Dimon drew parallels to First Republic Bank, which his firm acquired after it failed in May. Dimon noted today that JP Morgan helped affected employees find new jobs and said that it will similarly handle “any dislocation that takes place as a result of AI.”
Blockchain projects
JP Morgan is also noted for its non-AI-focused blockchain projects, such as JPM Coin, Liink, and a rumored upcoming settlement token. The company has additionally used blockchain for particular transactions and pilot programs.
One recent report suggests that members of the team behind JP Morgan’s main blockchain project, Onyx, have developed an experimental system called FedSyn. The system is capable of generating synthetic data for training machine learning models while delegating aggregation tasks to a member of a permissioned blockchain network.
Although Dimon didn’t explicitly connect AI to his company’s blockchain pursuits in the interview, it’s worth noting that AI can significantly contribute to blockchain technology’s advancement. Recent developments in the company provide a glimpse of this progress
However, Dimon himself is known for his harsh views on cryptocurrency. Most recently, in January 2023, he called Bitcoin a “hyped-up fraud.” In December 2022, he compared other crypto tokens to “pet rocks.” In short, Dimon and his firm are largely focused on the applications for enterprise blockchain rather than public blockchain.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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