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

[Oshosondy]

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.

[viljy]

AI has long been implemented in all major banks. And I must say that it's pretty good. But this has such a negative side that it is now difficult to connect with a tech support person in case of some problem that the AI is not able to solve. Of course, this is just a special case of using AI. I guess tech support is not the main use of AI. The main focus for AI in banks is most likely big data analytics. AI can handle this very well. It can also be forecasting, making plans, etc. In short, a wave of job cuts is coming.

[Zlantann]

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.

Banks are finding AI useful in some important aspects of their operations. These areas include fraud detection, security, risk management, customer service and so on. In some banks, these tools are taking over online customer service operations.

Those working in the bank should be prepared because there might be layoffs of workers, just like we are experiencing in companies like Oracle, Amazon, and Meta. Oracle recently sacked 30,000 workers, which shows that AI will take away more jobs than it will create.  

[coinrifft]

Not just banks though, everyone will be affected by the AI take-over. Oracle cutting thousands in latest layoff round as company continues to ramp AI spending.
So we are in that age already, the one that we're afraid to see might be happening at a rapid phase right now. Even in crypto we are talking about AI helping us in trading. So it's the inevitable, AI is impacting every sector and it's going to be very hard for many of us to find jobs because companies are going to utilized AI as much as they can because it's cheap and they are going to cut cost by any means possible.

[sleepfirefly]

AI has long been implemented in all major banks. And I must say that it's pretty good. But this has such a negative side that it is now difficult to connect with a tech support person in case of some problem that the AI is not able to solve. Of course, this is just a special case of using AI. I guess tech support is not the main use of AI. The main focus for AI in banks is most likely big data analytics. AI can handle this very well. It can also be forecasting, making plans, etc. In short, a wave of job cuts is coming.

the problem you have mentioned is the exact reason why ai can’t be left alone just yet. it can’t be the only thing running the bank or a company because there will be chaos. there has to be someone overseeing these operations in case ai makes a mistake. it’s still not perfect after all.

[moneystery]

AI will undoubtedly impact banking operations, especially in customer service, administration, data processing, and many other routine tasks that can be automated faster using AI. In the future, we might see banking services run almost entirely with the help of AI, while human roles will only handle things like strategy, client relations, and other areas that still require a human touch. Certainly, though banks claim they are doing this for efficiency and effectiveness, this will result in the termination of many employees.

[akamit]

AI has long been implemented in all major banks. And I must say that it's pretty good. But this has such a negative side that it is now difficult to connect with a tech support person in case of some problem that the AI is not able to solve. Of course, this is just a special case of using AI. I guess tech support is not the main use of AI. The main focus for AI in banks is most likely big data analytics. AI can handle this very well. It can also be forecasting, making plans, etc. In short, a wave of job cuts is coming.

the problem you have mentioned is the exact reason why ai can’t be left alone just yet. it can’t be the only thing running the bank or a company because there will be chaos. there has to be someone overseeing these operations in case ai makes a mistake. it’s still not perfect after all.

True, and the oversight thing goes beyond just catching errors too. It's about accountability. If an AI wrongly flags someone for fraud and freezes their account, who answers for that? Still a human, and regulators will make sure it stays that way.

Banks operate in one of the most regulated environments out there. "The AI decided" isn't going to fly as an explanation when a customer gets hurt. So regardless of how much JPMorgan throws at this, there's a realistic ceiling on full automation. The roles will shift more than they'll vanish completely.

[Fortify]

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.

AI is bound to replace many functions in many jobs, anyone that has encountered it can tell you that, however the most senior people do not have a proper grasp on how fast this should happen without being dangerous to their business. There is a huge risk of cutting too fast and then bumbling around with all the mistakes that are made. There is lots of hype and lots of promises by executives who are singing the buzzword of the moment. However most people will remember that "virtual reality" had 80 billion spent on in by Facebook/Meta in the last few years, because that was the buzzword of the moment and they've just canned the whole thing - beware false prophets (or profits in this case). It's also like outsourcing, which it turns out often leaves you with lower quality skills so you need to hire twice as many people which can defeat the claimed savings.

[el kaka22]

Obviously there will be a lot of people who will be fired because of AI, but we also have to realize, what are those people going to do? You are forgetting that the more people are unemployed, the less customers there are for these companies, and while they may not care because of short term, they will care on the long term. When customers do not have money in their pockets, they are not going to buy these products.

Amazon is one of the biggest companies in the world, was biggest but not sure now, and yet most of their money comes from people buying shit from them, if we are all under paid and unemployed then how could we buy from them? These companies who fire people, need to hire them eventually, otherwise they will bankrupt.

[DiMarxist]

One of the areas that will be impacted greatly by AI is the Banking system.With the development of technology the banking system is set to lose many customers because currently speaking you can virtually do everything at home which you can do in the Bank. In the future future more people will be affected in the banking system because alot of machines will take over the work of bank worker.AI has a lot of many functions and applications in the banking sector.

[Spaceman1000$]

One of the areas that will be impacted greatly by AI is the Banking system.With the development of technology the banking system is set to lose many customers because currently speaking you can virtually do everything at home which you can do in the Bank. In the future future more people will be affected in the banking system because alot of machines will take over the work of bank worker.AI has a lot of many functions and applications in the banking sector.

I don't see how the Banks will lose customers if you as a customer can stay home and your transaction while using their apps. I believe the people that will lose more are those Banks staff's, because with the use of AI there are some jobs the IA can do, which is why the Bank's might like have few staff's. As we speak most persons don't even go to the Banks that much compared to before, except they have something extra to do, else people literally stay at home and do what they want.

[Joy_learns_crypto]

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.

Does he mean that there has been a decline in customer support jobs for people seeking employment into that unit or he meant that Ai taking the role of customer support has seen a decline in the AI effectiveness of such role in the bank. If it’s the former then it is just the impact of Ai taking jobs now in the bank and if the latter with more training of Ai in that role will solve the problem.

Banks are now spending much on Ai then what happens to students paying so much on education looking for roles  to take in the bank. I urge everyone to spend on educating themselves on roles that will be hard to get replaced by AI.

[Die_empty]

One of the areas that will be impacted greatly by AI is the Banking system.With the development of technology the banking system is set to lose many customers because currently speaking you can virtually do everything at home which you can do in the Bank. In the future future more people will be affected in the banking system because alot of machines will take over the work of bank worker.AI has a lot of many functions and applications in the banking sector.

I don't see how the Banks will lose customers if you as a customer can stay home and your transaction while using their apps. I believe the people that will lose more are those Banks staff's, because with the use of AI there are some jobs the IA can do, which is why the Bank's might like have few staff's. As we speak most persons don't even go to the Banks that much compared to before, except they have something extra to do, else people literally stay at home and do what they want.

I suppose he meant to say that bank staff will lose their jobs since online banking is gradually replacing traditional banking activities. In my location, some banks are selling their properties and relocating to smaller office spaces. The reason is that the banking hall is no longer receiving as many customers as it did before. Many bank users prefer to use online banking channels over those of physical bank offices. They only come to bank offices when they have issues that cannot be handled by online customer services. And many of these online channels are operated by artificial intelligence.

[bhadz]

He's generous to say that it will eliminate "some jobs" because it won't be just some jobs but many functions and tasks will lead to massive layoff and it is happening per se.

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.

It will surely be a lot of work that will be replaced by AI into automating almost a lot of its process. That's sad for the bankers but life goes on and they still need to do something for themselves so that they will continue to work and find another job if ever AI advancement hits their positions.

[X-ray]

When they stated something like this, I'm sure they already have enough data to create their own AI to replace workforces.

But lets be real, do any of you ever contacted support and getting AI agent as a support? I do and its nothing but despair.

These AI agent acts like a big roadblock to actually get the real support and exist just to stop people from actually complaining.

I personally don't really like AI replacement in certain area, feels like a half assed solution for most of the Functions.

[SquallLeonhart]

One of the areas that will be impacted greatly by AI is the Banking system.With the development of technology the banking system is set to lose many customers because currently speaking you can virtually do everything at home which you can do in the Bank. In the future future more people will be affected in the banking system because alot of machines will take over the work of bank worker.AI has a lot of many functions and applications in the banking sector.

I don't see how the Banks will lose customers if you as a customer can stay home and your transaction while using their apps. I believe the people that will lose more are those Banks staff's, because with the use of AI there are some jobs the IA can do, which is why the Bank's might like have few staff's. As we speak most persons don't even go to the Banks that much compared to before, except they have something extra to do, else people literally stay at home and do what they want.

The problem is that the companies who take AI and make it bigger and use it very well and get improved customer service, will be preferred more, and that means other banks will lose customers to the bank that has the better AI. On the other hand, if we are talking about a company doing it right now, it will not be as good and there will be problems because AI is not that improved yet and still makes mistakes which means that we are not going to really see things change just yet.

This is why we should be considering the possibility that short term it's a bad idea but long term it's a good idea. I understand why this could be something that would not be all that easy but it can definitely be done without that much of a problem at all.

[Free Market Capitalist]

Of course it’s going to have an impact. AI is already impacting most businesses, even if many people in this forum don’t want to admit it.

But lets be real, do any of you ever contacted support and getting AI agent as a support? I do and its nothing but despair.

You say that as if that’s the only thing AI can do. But yes, I agree with you that these days, AI-powered business support is usually garbage, but I, for example, use the AI on my phone as a personal assistant, and it works like a charm. If businesses are investing more and more in AI and laying off human workers, it’s because AI is much more productive—even though, in some respects, it still has a long way to go.

[davis196]

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.

The Bitcoin hater Jamie Dimon is back and he obviously believes in the bright future of the AI economy, I guess. I'm waiting for the day JPMorgan fires this piece of sh&t.
Even the bank, where I have an online bank account has AI customer support now, and it sucks. I keep waiting for the AI to answer my question and it does nothing. I agree that AI is the future of finance and maybe in the next few years, the banks would use AI to evaluate your eligibility for getting a loan or a mortgage. Bank clerks will have to start looking for a new job. Those bachelor's degrees and masters degrees in finance and accounting won't be able to save them from the upcoming AI revolution.

[CONVOAI]

AI is now reducing customer support jobs it is true. But it is not just about job losses because many common tasks in banks such as balance checks transaction statuses or basic questions can now be handled very quickly by AI or automated systems which previously took a human to do but new types of work are also being created such as monitoring AI systems and detecting errors or handling complex cases that still require human decisions so I think it is more realistic to see this as a change in the nature of work rather than a complete loss of jobs because in the future there will be people in banks but their work will be more skill based and analytical.

[Darker45]

That must be true. Especially in banking when minute details matter a lot, AI must be more efficient than humans. Financial books, ledgers, and other banking files and documents must be a lot easier and more accurately reviewed, computed, analyzed by AI than by humans.

As a matter of fact, even now when AI hasn't yet reached its full potential, deposits, withdrawals, requests for bank statements, and other banking transactions don't need bank staff anymore.