AI could cut work to 3.5 days a week, says JP Morgan CEO Jamie Dimon
AI could cut work to 3.5 days a week, says JP Morgan CEO Jamie Dimon
Jamie Dimon, the CEO of JP Morgan, has made a significant prediction about the future of work in the age of artificial intelligence (AI). He believes that AI, which he describes as a “living and evolving technology,” has the potential to revolutionize business processes and societal norms. Dimon suggests that AI could reduce the standard workweek from five days to just 3.5 days. Additionally, he envisions that advancements in AI will contribute to longer, healthier human lifespans, potentially reaching 100 years.
Dimon’s views stand in contrast to recent comments by Infosys co-founder Narayana Murthy, who has faced criticism for advocating that young people work 70 to 80 hours per week. Dimon, however, sees a future where AI enhances efficiency and reduces the burden on workers.
In an interview, Dimon elaborated on how AI is already transforming operations at JP Morgan. The technology is being utilized for various tasks in the banking and financial sectors, including trading, hedging, research, and error detection. These implementations not only reduce costs but also enhance process efficiency.
Despite the benefits, there is widespread concern about AI's impact on employment. Reports suggest that AI could affect around 300 million jobs globally. In the United States, approximately 25 percent of employees are worried about their job security due to AI advancements.
Dimon addressed these concerns by urging people to stay calm. He emphasized that technological advancements have historically replaced jobs but also created new opportunities. He believes that future generations will experience the benefits of AI, such as working fewer days per week and living longer, healthier lives.
A recent McKinsey report supports Dimon’s outlook, predicting that generative AI and other emerging technologies could automate 60 to 70 percent of tasks currently performed by employees. This automation could lead to significant changes in how we work and live in the coming years.
