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Jamie Dimon Says AI Could Be as Transformational as the Steam Engine

Apr 08, 2024 - bloomberg.com
JPMorgan Chase & Co. CEO Jamie Dimon has highlighted the significant role of artificial intelligence (AI) in the banking industry, comparing its potential impact to that of the steam engine. He believes AI could enhance every job and dedicated a portion of his annual shareholder letter to discuss its importance for the bank's business and society.

The bank has identified over 400 uses for AI in areas such as marketing, fraud, and risk. It has also recruited thousands of AI experts and data scientists and is considering the use of generative AI, according to Dimon.

Key takeaways:

  • JPMorgan Chase & Co. CEO Jamie Dimon stated that artificial intelligence (AI) is one of the biggest issues the bank is currently dealing with.
  • Dimon compared the potential impact of AI to that of the steam engine, suggesting it could significantly change every job.
  • In his annual shareholder letter, Dimon emphasized the importance of AI for the bank's business and for society in general.
  • The bank has identified over 400 uses for AI across various sectors including marketing, fraud and risk, and has amassed a team of AI experts and data scientists to explore deploying generative AI.
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