JPMorgan CEO Warns Against Ignoring AI-Triggered Job Losses: ‘Have to Find a Better Way’

Some people have claimed that the threat artificial intelligence and advanced technologies pose to American jobs is overstated.

But, this week, Jamie Dimon, the CEO of JPMorgan Chase, shared thoughts to the contrary on the matter.

Dimon spoke with Bloomberg recently about AI and technology and how people’s jobs may be affected by recent advances. While Dimon’s outlook overall was optimistic regarding the tech boom, he was cautious at the same time.

He said that advancements in technology aren’t anything new, as they’ve been changing our lives for hundreds of years now. Inventions such as steam engines, the printing press and the internet have completely changed the world and how people work in it.

In many ways, he said that AI’s development is just another revolutionary wave that’s upon us.

At the same time, he didn’t dispel fears that naturally accompany changes such as these, especially about job security.

That being said, Dimon opined that technology doesn’t just eliminate old jobs, it also creates new ones — and has for centuries now. As he said:

“Your job will be enhanced. You’ll get more research, more questions — you’ll have like a real super assistant chief of staff on your shoulder.”

Dimon said that AI has the power to potentially allow people to be much more productive at their jobs.

He added that people shouldn’t put “our head in the sand” and completely ignore the issue of AI, as some jobs likely would eventually be wiped out by the new technology.

Society and companies shouldn’t simply accept these job losses, though, Dimon said. Instead, everyone needs to figure out better ways that they can support people who are most impacted by the coming changes.

His company in particular is committing to re-deploying and re-training any employees whose job will be affected by AI. As Dimon said:

“We love to re-train people, re-deploy them, re-educate them. And so I’m not worried about it.”

Dimon had a rather straightforward take on AI. He said that technology in general has the power to enhance people’s lives, keep us healthy and make us more productive.

At the same time, we shouldn’t dismiss the fact that consequences will likely arise as the result of these advances. AI undoubtedly will change how people work, he said, but that doesn’t necessarily mean that a massive amount of jobs will be eliminated forever.

As he explained:

“If it works for the customer and the client, we can kind of do more.”

In essence, Dimon was saying that businesses can use the advantages that AI and other technology brings to expand their practice while also helping their employees adjust to whatever changes might come.

Dimon also commented on the current state of the tech industry as a while. He said many emerging tech companies have access to a lot of private financing options today, which leads them to remain private rather than taking on the high costs associated with going public.