On Monday, JPMorgan Chase CEO Jamie Dimon said AI could reduce the work week to four days in the future.
AI Across The Business
During an interview with Bloomberg, Dimon said that JPM has already been using AI for several things, including fraud detection, risk management, marketing and error detection.
He also said that the bank has about 600 AI use cases.
Long-Term Optimism, Short-Term Risks
Dimon predicted that in three to four decades, work schedules will shrink and productivity increase. He indicated that future generations might only end up working four or three and a half-day weeks as AI development advances.
He also spoke about potential breakthroughs in health care, like cancer cures, safer food systems and better cars. “It will be a wonderful thing,” he said.
Along with these positive predictions, Dimon also acknowledged concerns about possible job losses. He said that companies and governments should prepare for such a scenario by introducing reskilling programs and bringing education reforms.
AI Sparks Job Disruption Fears
Dimon’s comments came after a senior economist told Benzinga that in the next couple of decades, at least 20% of the U.S. workforce will face disruption because of robotics and automation.
Last month, Jack Dorsey’s Block Inc. also decided to reduce over 40% of its workforce. At the time, Dorsey said the AI tools have changed how companies traditionally operate.
Photo courtesy: lev radin / Shutterstock
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