JPMorgan Chase CEO Jamie Dimon gave an interesting assessment of artificial intelligence and its impact on the workforce during a recent Fortune event, warning that AI could displace jobs rapidly while also providing substantial business value.
“It will eliminate jobs. I think people should stop sticking their head in the sand. Tractors did, cars did, other technologies did. If it happens too fast, society, government, and businesses should figure out how we can save jobs, retrain people, assist with income, maybe early retirement or something.”
Dimon painted a stark picture for displaced workers.
“You can’t just take all these people and throw them on the street where the next job pays $30,000 when they were making $150,000. You’d have a revolution. We should be thoughtful about that.”
“My advice to people would be critical thinking, learn skills, learn your EQ (emotional quotient), learn how to be good in a meeting, how to communicate, how to write. You’ll have plenty of jobs.”
Dimon also highlighted measurable benefits from AI investments at JPMorgan. The bank has invested around $2 billion in AI initiatives, with actual returns approaching that figure, though Dimon clarified the investment was “considerably less than that.” Since 2012, 2,000 employees have been involved in AI projects, with hundreds of use cases contributing roughly $2–2.5 billion in cost savings or revenue enhancements.
He distinguished between traditional AI applications and generative AI. Standard AI, used in fraud detection, anti-money laundering, risk management, and customer service, produces clear results.
“When we apply AI to AML, KYC, risk, or fraud, very specific things, it works. Sometimes it’s just improving procedures. Headcount goes down 40 percent, and tasks that took 12 days now take 12 hours or 12 minutes.”
Generative AI is harder to quantify, but it is widely used internally. Nearly 150,000 employees employ large language models weekly to draft reports, review legal documents, and summarize information, though precise productivity gains are difficult to measure.
Dimon urged companies to integrate AI into daily operations.
“You should be using it in business reviews. What are you doing in technology? What are you doing in AI? What projects are improving performance?”
JPMorgan offers master classes for executives taught by internal experts, MIT, and external instructors. Dimon stressed evaluating long-term impact over immediate reactions.
“I want to know six months later if they say it was useful.”
Regarding broader AI investment, Dimon acknowledged risks alongside opportunities.
“You can’t look at AI as a bubble. Some projects may fail, but in total it will probably pay off. Some won’t get done as announced.”
He also noted practical constraints like power and project financing.
“Leasing from JPMorgan is different than relying on a company without revenue to pay a lease.”
He compared the current AI boom to the internet in the 1990s.
“Back in 1996, the internet was real. A lot of people were in it. It looked like a bubble at times. There was a crash, but Google, YouTube, Meta came out of it.”
Dimon repeatedly emphasized social responsibility.
“Bad actors will use it, but bad actors also use the internet, social media, airplanes. There should be proper regulations and guardrails to protect the public.”
He urged businesses to deploy AI aggressively while working with governments and educational institutions to support displaced workers.
