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The Chief Executive Officer and Chairman of JP Morgan Chase, Jamie Dimion has said that artificial intelligence will have a positive impact on the society.
Dimion made the remark in his annual letter to shareholders released yesterday, where he chose AI as the first topic in his update on issues facing the biggest US bank by assets — ahead of geopolitical risks, recent acquisitions and regulation matters.
“We do not know the full effect of which AI will change our business, or how it will affect society at large, we are completely convinced that the consequences will be extraordinary.”
His focus on AI was first mentioned in his annual letter in 2017. The technology which has gained prominence since OpenAI’s ChatGPT became a viral sensation in 2022.
JP Morgan now has more than 2000 AI and machine, learning employees and data scientist working on 400 application of which fraud detection and risk control are inclusive.
He said the impact will be “possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet.”
Dimon said: “Artificial intelligence may reduce job opportunities but it may as well create others.”
