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JPMorgan Chase CEO Jamie Dimon, who leads the largest bank in the U.S. with assets<\/a> of $3.9 trillion, said this week that leaders are uncertain about how AI will impact the workforce \u2014\u00a0but he is optimistic about technology creating new jobs.\u00a0\u00a0<\/p>\n JPMorgan could soon become the world\u2019s first $1 trillion bank<\/a>, with a market capitalization of $916 billion<\/a> at the time of writing. Dimon, who has led the bank as CEO for 20 years<\/a>, said at the Pennsylvania Defense and Innovation Summit earlier this week that \u201cwe don\u2019t really know\u201d how AI will leave a mark on the workforce as the technology develops.\u00a0<\/p>\n \u201cYou know, it\u2019s created a lot of jobs in our company, and yeah, there are areas where it\u2019s reduced jobs a little bit,\u201d Dimon said, per Fox Business<\/a>.\u00a0<\/p>\n He added that he is sure that \u201ctechnology always creates new jobs.\u201d\u00a0The question is if the shift \u201chappens too fast.\u201d In that scenario, AI could cause job loss, Dimon said.<\/p>\n However, he added that \u201cI think we\u2019re kind of scaring the whole world much more rapidly than we should about it.\u201d\u00a0<\/p>\n Dimon said that \u201cwe all have to be more rational\u201d about AI use, based on his experience within his own company. Leaders face a choice, he said. They can cut costs by doing less or focus on moving faster. He said he leans toward speed, getting more done quickly and delivering higher-quality results sooner.\u00a0<\/p>\n Dimon noted that there needs to be planning to protect companies from \u201ctoo rapid job loss from AI\u201d if it ever happens.\u00a0<\/p>\n During JPMorgan\u2019s second-quarter earnings call on Tuesday, Dimon said that the bank has been able to cut jobs thanks to AI.<\/p>\n \u201cWe have had discrete areas where we did reduce jobs by 30% or 40%,\u201d he said, per Business Insider<\/a>, adding that JPMorgan offered \u201cjobs elsewhere\u201d to those impacted by the reductions. <\/p>\n Dimon said that JPMorgan has already found 1,000 use cases for AI, ranging from fraud protection to marketing to note-taking. He said last year that the bank\u2019s $2 billion AI investment has paid for itself.\u00a0<\/p>\n \u201cWe have shown that for $2 billion of expense, we have about $2 billion of benefit,\u201d Dimon told Bloomberg TV<\/a>. \u201cSome we can do in real detail: We did this, we reduced headcount, we saved this time and money. Some you can\u2019t: It just improved service.\u201d<\/p>\n He said at the time that AI carries the potential to eliminate some jobs, but he wants to train and reassign existing employees. If JPMorgan is successful, the bank will have \u201cmore jobs\u201d with fewer jobs in certain functions, he said.\u00a0<\/p>\n JPMorgan recently had a record quarter. The bank reported more quarterly profit<\/a> than any other U.S. bank ever on Wednesday. Total net revenue rose 28% compared to a year ago, reaching $57 billion.\u00a0<\/p>\n<\/p><\/div>\n JPMorgan Chase CEO Jamie Dimon, who leads the largest bank in the U.S. with assets<\/a> of $3.9 trillion, said this week that leaders are uncertain about how AI will impact the workforce \u2014\u00a0but he is optimistic about technology creating new jobs.\u00a0\u00a0<\/p>\n JPMorgan could soon become the world\u2019s first $1 trillion bank<\/a>, with a market capitalization of $916 billion<\/a> at the time of writing. Dimon, who has led the bank as CEO for 20 years<\/a>, said at the Pennsylvania Defense and Innovation Summit earlier this week that \u201cwe don\u2019t really know\u201d how AI will leave a mark on the workforce as the technology develops.\u00a0<\/p>\n \u201cYou know, it\u2019s created a lot of jobs in our company, and yeah, there are areas where it\u2019s reduced jobs a little bit,\u201d Dimon said, per Fox Business<\/a>.\u00a0<\/p>\n<\/p><\/div>\nAI has enabled JPMorgan to cut jobs<\/h2>\n
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