'People might work only 3.5 days a week': JPMorgan CEO Jamie Dimon predicts future of jobs in age of AI
Produced by: Tarun Mishra
Designed by: Manoj Kumar
Jamie Dimon, CEO of JPMorgan, during an interview with Bloomberg, countered the doomsday predictions regarding the impact of Artificial Intelligence (AI) on society, highlighting the potential for AI to greatly benefit businesses and improve work-life balance for employees.
JPMorgan CEO weighs
on AI
Dimon suggested that future generations of employees could enjoy a shorter workweek, potentially reducing it from the current five days to just three and a half days per week, thanks to the growing integration of AI at the workplaces.
Shorter workweeks a
reality?
In addition to shorter workweeks, Jamie Dimon also predicted that employees may live longer in future, potentially reaching the age of 100 and won't die earlier due of diseases like cancer.
Extended lifespans
JPMorgan is already incorporating AI into its operations, utilising the technology across various domains such as error reduction, trading, research, and hedging, said Dimon.
AI at JPMorgan
While AI's potential benefits are evident, there are concerns about job displacement. Goldman Sachs estimates that around 300 million jobs could be lost to AI, and a significant portion of the American workforce is apprehensive about losing their jobs to automation.
AI-led layoffs
Jamie Dimon reminded that technological advancements have historically led to job displacement but also to improvements in living standards. He emphasised on the need to embrace AI's potential benefits.
Dimon on AI-led layoffs
A McKinsey report highlighted the potential for generative AI and emerging technologies to automate tasks that currently occupy 60% to 70% of employees' time, potentially adding trillions to the global economy.
Automation potential
A study by the University of Cambridge demonstrated that a four-day working week resulted in a 65% reduction in sick days and a decrease in burnout levels among employees. This suggests that shorter workweeks could be beneficial for both employees and employers.
Benefits of reduced working
hours
Jamie Dimon, like other tech leaders, also acknowledged the potential misuse of AI, particularly in cyber warfare. He emphasised on the importance of introducing safeguards in the AI sector while acknowledging that it may take time to establish effective regulations due to the novelty of the technology.
Concerns about misuse
Dimon highlighted JPMorgan's commitment to 'redeploy' employees whose roles are impacted by AI. He cited the example of the bank's acquisition of First Republic, where they offered jobs to 90% of employees, even though some positions were temporary. JPMorgan aims to help displaced employees find alternative roles within the company, he said.