JPMorgan Chase CEO Jamie Dimon has issued warnings about the expected effects of AI adoption on the labor market. Speaking on Fox News, Damon gave a frank assessment of what’s to come as AI continues to spread across the United States.
While Dimon points out the negative impact, his message to American workers is that they should not panic. He stressed that survival in the era of artificial intelligence will not depend on technical prowess as much as it depends on great human skills that machines cannot imitate.
Dimon said that artificial intelligence will eliminate jobs. This does not mean that people will not have other jobs. He advised residents to learn skills that may be needed even in the face of AI adoption.
Jamie Dimon warns residents about job losses linked to artificial intelligence
Jamie Damon Warnings It comes as artificial intelligence goes from being just a scientific project to a difficult reality for millions of workers.
via USExecutives currently disagree about its impact, especially regarding career changes for younger employees and managerial staff. Some labor experts already see AI as the main factor in the high unemployment rate among young workers. However, Dimon backed away from these claims, noting that the current job market is softer.
The CEO of JPMorgan Chase claimed that today’s market is more about caution than code. Jobs are a little weaker, wages are a little weaker,” Damon told host Maria Bartiromo.
“If you talk to companies, they will be more cautious in hiring. It’s not because of AI. It’s just because they want to do more with less.”
While he acknowledged that artificial intelligence could replace workers, Dimon rejected predictions of a sudden collapse in employment due to the technology.
“Look, I don’t think AI is going to significantly reduce jobs,” he said, describing the technology as a long-term force for progress. “Most of the time, AI will do great things for humanity like tractors, fertilizers, and vaccines.”
Damon noted that the benefits may eventually change daily lives, and he predicted that in the future, people will need to work less while living better lives. “Maybe one day we’ll work less hard but have a great life,” he said. “It will cure a lot of cancers.”
Artificial intelligence is expected to open up better job opportunities
Jamie Dimon also warned that AI gains will only be achieved if the technology is managed properly.
“Now, of course, it has to be properly organized,” he added. “There are downsides just like planes, drugs, cars. All things that bad guys take advantage of.”
However, he noted that even with these directives, technology-related job losses are still inevitable. He pointed out that it will eliminate some jobs, but it will be able to provide other jobs for people.
Additionally, Damon talked about the pace of change rather than the technology itself. This is exactly where the danger lies, he said.
“If it happens too quickly for society, which is possible, you know, we won’t be able to absorb all these people so quickly,” he said, comparing the shift to past economic disruptions caused by the automation of agriculture, electricity and the Internet.
He noted that governments and companies need to learn from past mistakes and learn how to transform carefully and deliberately.
He also said that investing in artificial intelligence could increase job opportunities in the future.
“You have a significant amount of construction that needs to happen,” he said. “You need roads, you need trucks, you need drivers. You need servers, you need to put out fires — all of that,” Dimon added. “So it will probably create more jobs in the short term overall.”
Dimon’s statement follows Anthropic CEO Dario Amodei Mentioned In May, artificial intelligence could wipe out up to half of all white-collar jobs over the next five years.
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