JPMorgan Chase CEO Jamie Dimon offered an optimistic outlook on artificial intelligence (AI), predicting the technology will not “dramatically reduce” jobs over the next year — provided it is properly regulated.
Dimon was asked by Fox News’ Maria Bartiromo on “Sunday Morning Futures” what Americans should do to prepare for this “new revolution that’s underway with AI,” especially given that the technology is “creating efficiencies to the extent that it is cutting jobs.”
Before answering the question directly, Dimon prefaced his response by noting that jobs and wages had been weakening even before the rise of widespread AI adoption, and that technology is not to blame for that trend.
“Look, I don’t think AI is going to dramatically reduce jobs like unbelievably next year. And for the most part, AI is going to do great stuff for mankind, like tractors did, like fertilizer did, like vaccines did — it’ll save lives,” Dimon said.
“Now, of course, it needs to be properly regulated,” he added. “There are downsides to AI, just like there are to airplanes, pharmaceuticals, cars. All things get used by bad people. So assuming that the government figured out some way to put guardrails around AI… but it will eliminate jobs. It doesn’t mean that people won’t have other jobs.”
The CEO continued, offering his advice for Americans who may be worried about AI affecting their careers.
“My advice to people would be, you know, critical thinking, learn skills, learn your EQ, learn how to be good in meetings, how to communicate, how to write. You’ll have plenty of jobs and, if it does happen too fast for society, which is possible, you know, we can’t assimilate all those people that quickly,” Dimon said.
According to Dimon, if the government and large corporations are initially unable to make widespread AI adoption work for the public, it’s up to those parties to figure out a plan to phase in the technology “in a way that won’t damage a lot of people.”
The CEO reiterated that while some jobs may be lost to AI, the technology can be used to “retrain people, relocate people,” and provide income assistance or even early retirement.
“The next job may be a better job, but they have to learn how to do the job,” he added, noting again that people with specialized skills will always be valuable.
“It’s going to cause probably more jobs in the short run in total,” he added.
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