Jamie Dimon, the CEO of JPMorgan Chase, expressed optimism about artificial intelligence (AI), stating that if the technology is appropriately regulated, it won’t “dramatically reduce” jobs over the coming year.
Maria Bartiromo of Fox News questioned Dimon on “Sunday Morning Futures” on what Americans should do to get ready for this “new revolution that’s underway with AI,” particularly since the technology is “creating efficiencies to the extent that it is cutting jobs.”
Dimon began his answer by pointing out that salaries and jobs have been declining even prior to the broad deployment of AI, and that technology is not to blame for that trend.
Look, I don’t think AI will drastically cut employment in the upcoming year. Like tractors, fertilizer, and vaccinations, AI will, for the most part, benefit humanity and save lives, according to Dimon.
“Now, of course, it needs to be properly regulated,” he said. Like vehicles, drugs, and aircraft, artificial intelligence has drawbacks. Everything is utilized by bad individuals. Therefore, even if the government manages to impose restrictions on AI, it will result in employment losses. It doesn’t imply that individuals won’t find alternative employment.
The CEO went on to give advise to Americans who might be concerned about how AI will impact their professional lives.
“I would advise individuals to learn how to think critically, acquire skills, improve their EQ, be effective in meetings, communicate well, and write. You’ll have plenty of employment, and we can’t absorb all those people that rapidly if it happens too quickly for society, which is possible,” Dimon remarked.
If the government and big businesses are initially unable to make mass AI adoption work for the public, Dimon says it is their responsibility to devise a strategy to phase in the technology “in a way that won’t damage a lot of people.”
The CEO reaffirmed that although AI may result in the loss of some employment, the technology may be utilized to “retrain people, relocate people,” offer financial support, or even enable early retirement.
“The next job may be a better job, but they have to learn how to do the job,” he said, emphasizing that individuals with specific talents will always be desirable.
