Tech Explained: Here’s a simplified explanation of the latest technology update around Tech Explained: CEO of America’s largest bank Jamie Dimon says: We have displaced people for AI, and we offer them … in Simple Termsand what it means for users..
Jamie Dimon, the CEO of America’s largest bank JPMorgan Chase has urged the businesses and governments to start preparing for the labour disruption that artificial intelligence could bring. According to a report a Fortune, speaking at the company’s event, Dimon said that society should not wait until job losses materialise before addressing them. “I’m not predicting [it] can be a problem. I’m simply saying now’s the time to start thinking about what you do if it does,” he cautioned. Dimon further emphasises that JPMorgan is embracing AI transformation rather than ignoring it. The bank has already deployed a large language model used by 150,000 employees weekly, and Dimon also acknowledged that productivity gains from AI could mean the bank will employ fewer people in the next five years.
Redeployment strategy
Dimon also revealed that JPMorgan has already displaced workers due to AI but has redeployed them into other roles. “We have displaced people from AI, and we offer them other jobs. They are usually well-trained and highly talented, very good at things,” he said. The bank has “huge redeployment” plans in place to ensure employees are not left behind.Dimon warned that society could face severe consequences if AI-driven job losses happen too quickly. He pointed to autonomous vehicles as an example, noting that replacing 2 million U.S. truck drivers overnight could save costs and lives but devastate livelihoods. “That’s kind of really bad, kind of civilly, should we as society agree to that? I don’t think so,” he said.Dimon also believe that AI adoption should be phased in gradually to give society time to adapt. At Davos last month, he even suggested governments consider banning mass AI layoffs if necessary to protect workers. He also called for local governments to incentivize retraining programs.Despite his warnings, Dimon was clear that AI will revolutionize business. JPMorgan has deeply embedded AI in its operations and intends to remain at the forefront of technological change. “Tech is what changes everything,” he said, underscoring both the opportunities and risks of the AI era.