“We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years,” Dimon said in the letter. “Think the printing press, the steam engine, electricity, computing and the Internet, among others.”
JPMorgan Chase & Co CEO Jamie Dimon said artificial intelligence may be the biggest issue his bank is grappling with, likened its potential impact to that of the steam engine and said the technology could “augment virtually every job.”
The CEO devoted a chunk of his annual shareholder letter to the importance of AI for the Wall Street giant’s business and for society at large. The bank has identified more than 400 use cases for the technology across marketing, fraud and risk, amassed thousands of AI experts and data scientists and begun exploring deploying generative AI, Dimon said.
