JPMorgan Chase CEO Jamie Dimon said future generations will probably work shorter weeks because of the use of artificial intelligence.
“Technology always replaces jobs. Your kids may live up to 100 and not have cancer because of technology,” the head of the biggest U.S. bank said in an interview with Bloomberg Television, “And literally they will probably be working 3 ½ days a week.”
AI will replace jobs, JPMorgan CEO Jamie Dimon says, while insisting that those “dislocated” by it will be offered new roles at the bank
AI’s biggest negative is its potential to be “used by bad people to do bad things,” he adds https://t.co/EtsTbiME1a pic.twitter.com/Gtc8Xh6YTE
— Bloomberg (@business) October 2, 2023
Dimon told Bloomberg that JPMorgan “hopes to redeploy people” if AI replaces jobs at the bank.
He said that U.S. interest rates may go up to as much as 7%, repeating what he told newspaper Times of India last week.
“Can it go to 7%? The answer is yes,” Dimon said in the interview from London. “I’m just saying: be prepared for it.”
The Federal Reserve maintained the U.S. benchmark rate in the range of 5.25% to 5.50% on Sept. 20, the highest level in 22 years. Projections in the Fed’s dot plot, which accompanied the announcement, showed the likelihood of one more hike this year.
Dimon said that the fact that companies are going public is a good sign.
“Markets are healthy, the economy is still ok,” he told Bloomberg.
