Jamie Dimon, CEO of JPMorgan Chase, said the bank invests $2 billion a year in developing artificial intelligence (AI) technology and saves about the same amount annually on that investment.
“We know this has already generated billions in cost savings, and I believe this is just the tip of the iceberg,” Dimon said in an interview with Bloomberg TV on Tuesday.
Dimon has consistently highlighted the opportunities offered by AI, even while acknowledging that the technology could eliminate some jobs. He said the bank already has hundreds of use cases for the technology, which are likely to grow, and highlighted its potential to help humans cure cancer and reduce working hours.
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In a letter to shareholders last year, Dimon compared AI technology to “the printing press, the steam engine, electricity, computing and the internet.”
The New York-based bank has thousands of employees dedicated to AI, and Dimon has already stated that the technology will be incorporated into all of the company’s processes, including trading, research, stock hedging and customer service, often acting as a co-pilot.
AI should drive dramatic improvements in workers’ quality of life, but like all new technology, some jobs will also be lost, Dimon said in the letter.
