Jamie Dimon Says AI Will Impact 'Virtually Every Function' at JPMorgan Chase

[Franctoshi]

The CEO of PMorgan Chase, Jamie Dimon said in his annual shareholder letter, saying AI is a fast-moving shift that will impact nearly every part of the bank’s operations.

This is the new summary:

JPMorgan CEO Jamie Dimon says AI will affect nearly every function at the bank.
He predicts the technology will boost productivity, but eliminate some jobs.
JPMorgan is spending billions on AI as part of a nearly $20 billion tech budget.

There has really been a decline in some customer support jobs but I think AI still has a lot of works to replace in the banks if banks like JPMorgan Chase is spending so much on AI. Other banks will follow the same step later.

All this signaling an incoming massive job cut or layoffs in the coming years, you will own nothing and be happy, we're heading to a system of total government control of the people, where most people will be depending on government paychecks to survive when there's not much space for employment and when AI must have begun to take the majority of the jobs. The best way is to be the job creator yourself and not depend on someone else's job to get employed.

[Mrbluntzy]

There are some sections in the bank that AI have already taken over, there's this loan app that I used about 8 years ago, as at then, when a customer's loan is almost due, a staff from the company will give you a phone call and remind you of the loan due date, the way they spoke was calm but right now it's AI that calls customers to remind them of their loan due date and a lot of people are complaining of how unprofessional this bot talks to customers and can not continue with a proper conversation when the customers starts asking questions. In essence, a lot of companies (not just banks) are interested too to adopt AI so that they can cut down capital that should have been spent in paying staffs, that's why people should start now to improve themselves as well and learn other courses and skills that will enable them get a new job in case AI steals their current job.

[justdimin]

All this signaling an incoming massive job cut or layoffs in the coming years, you will own nothing and be happy, we're heading to a system of total government control of the people, where most people will be depending on government paychecks to survive when there's not much space for employment and when AI must have begun to take the majority of the jobs. The best way is to be the job creator yourself and not depend on someone else's job to get employed.

These companies, specially in the financial world, considers firing people as the number one way to make more money. They fire thousands, and save that they made millions upon millions. Because they consider all the salaries benefits insurance, and whatever else, as something that they "cut costs" and that means they are profiting, when in reality, it's the future salary paid that is not getting paid, not what happened so far, and that's why they are lying, and then they hire new people instead.

AI will cut it , and make other people work harder but the reality is that it is not going to stop there and even if they do fire, they are going to rehire eventually and grow, because they have to. Remember, you can't make 1 billion dollar profit this year, and make 1 billion dollar next year and be happy, you need to grow, that is how these companies keep shareholders happy, and the more you grow, the more business you have to do, and the more business you do, the more workers you need, no matter how great AI is.