J.P. Morgan CEO Jamie Dimon said artificial intelligence (AI) is probably the biggest problem his bank is working to solve. Dimon compared the potential impact of AI to steam engines and said the technology “could help almost any job.”
In his annual letter to shareholders, Dimon spent a lot of time explaining the importance of artificial intelligence to the Wall Street giant's business and society as a whole. He said J.P. Morgan has identified more than 400 use cases for the technology in marketing, fraud, and risk, and the bank has recruited thousands of AI experts and data scientists and begun exploring the deployment of generative artificial intelligence.
In his letter, Dimon said, “We are fully convinced that this will have extraordinary consequences and may be as transformative as some of the major technological inventions of the past few hundred years.” Think printers, steam engines, electricity, computers, the internet, etc.
“We are fully convinced that the consequences will be extraordinary and may be as transformative as some of the major technological inventions of the past few hundred years,” Damon said in the letter. “Think printers, steam engines, electricity, computers, the internet, etc.”
Jamie Dimon, Chairman and CEO of J.P. Morgan
While on the importance of AI, Dimon also expressed opinions on a range of other topics, lashed out at a series of regulatory proposals, issued severe warnings on geopolitics, blamed shareholder consulting firms, and fiercely defended the role of market makers in the financial system. As expected, Dimon, 68, expressed his views on the economy and reiterated his concerns, pointing out that even though the US economy remains strong, continued inflation, quantitative austerity, and geopolitical conflicts still pose significant risks.
“The market seems to have digested 70% to 80% of the possibility of a soft landing, where moderate economic growth is accompanied by lower inflation and interest rates,” Dimon wrote. “I think that's far less likely.”