Will Robots Take Our Jobs? Jamie Dimon Weighs In
With the whole world turning its attention to artificial intelligence, Wall Street heavyweight Jamie Dimon has finally entered the chat. Specifically, whether our robot overlords will ever take our jobs.
“Technology always replaces jobs,” he told Bloomberg, adding that it will come in a ton of different forms. “It might be a co-plot or it might be to replace humans.”
For some, it’s a harsh reality; but for Dimon it’s simply a sign of the times. The tools and algorithms are already being deployed at JP Morgan, he said, helping the bank not do its quantity hidden, but for quality.
It’s more than just a job-taking phenomenon too, Dimon said. He offers several key benefits, such like any new technology.
“People have to take a deep breath,” said the JP Morgan CEO. “Your children are going to live to 100 and not have cancer because of technology. And literally, they’ll probably be working three-and-a-half days a week.”
Employees at the bank are already turning to the technology to augment their work and JP Morgan will look to “redeploy people” if certain jobs disappear.
Still, that’s not all. He recognized that there may be setbacks but emphasized that they should be seen as part of the package.
“Technology has done unbelievable things for mankind, but plans crash, pharmaceuticals get sued, there are negatives,” he said. “The best native in any view is being used by bad people to do bad things.”
From Crypto to AI and Back Again
Despite his high praise for AI, Dimon has been far less enthusiastic about the London cryptocurrency.
On several occasions, he stated that, in his view, cryptocurrencies are “decentralized Ponzi schemes,” and that Bitcoin is “worthless.”
He has, however, waxed poetic about the pros of blockchain technology and the future of decentralized finance, otherwise known as DeFi.
“Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, recession or not,” Dimon said, before adding that JP Morgan is “at the forefront” of these innovations in a 2022 letter to shareholders.
Hot Take: The Dual Perspective of Jamie Dimon
Jamie Dimon’s perspective on the impact of technology on jobs is multi-faceted. While acknowledging the potential for job displacement due to technological advancements, he believes it is an inevitable aspect of progress. Dimon emphasizes that the benefits of technology outweigh the drawbacks and envisions a future where individuals have more leisure time due to increased efficiency. However, his skepticism towards cryptocurrencies such as Bitcoin reveals a contrasting viewpoint. Dimon criticizes their decentralized nature and questions their value. Nevertheless, he recognizes the transformative potential of blockchain technology and its role in shaping the future of decentralized finance. Jamie Dimon’s stance reflects a nuanced understanding of both the opportunities and challenges presented by emerging technologies.
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