JPMorgan CEO and Wall Street wunderkind Jamie Dimon may know finance but don’t sell him short on technology – especially about growing technologies like artificial intelligence.
A case in point.
Dimon is steering JPMorgan and its 60 million worldwide customers to a transformation trip for the ages with a $12 billion investment the company makes every year in the work of over 50,000 scientists and technologists.
The work JPMorgan is doing in the AI corner of the technology market is especially intriguing, bringing the best technology minds in the world to improve its client content, applications, and services.
Take the banking giant’s new machine learning information content delivery system it’s rolled out.
J.P. Morgan’s Corporate & Investment Bank uses machine learning “to personalize the digital experience of its research platform, J.P. Morgan Markets,” the company says in a research note.
“The platform produces over 10,000 pieces of research a year, but until recently, clients did not always know the reports existed,” the report states. AI-based machine learning techniques “solved the issue, and now each client logs into a customized portal that provides unique and relevant research, personalized to their needs.”
Now Dimon is ringing the AI bell for everyday workplace use.
In an October 2 interview with Bloomberg TV, Dimon says the future of business is AI-infused, and companies like his need to be all in.
“Your children are going to live to 100 and not have cancer because of technology,” Dimon said in the interview. “Literally they’ll probably be working three-and-a-half days a week.”
In the workplace, Dimon has previously said AI can be a game-changer for new companies by developing new products, driving customer engagement, boosting productivity, and making risk management more efficient.
AI, Dimon says, is an “absolute necessity” inside his company and that management and staff need to get used to the idea that AI will take jobs.
Actually, he’s okay with that.
“People have to take a deep breath, OK? Technology’s always replaced jobs,” he noted. “JPMorgan will “wind up deploying people” as AI replaces some workers, Dimon added.
AI will “also eventually have legal guard rails around it,” Dimon acknowledged, noting at the same time the technology would bring “significant value” to companies who invest in the technology.
The company is already using AI applications for things like trading, cash management, and customer service.
“For instance, AI is doing all the equity hedging for us for the most part,” he told Bloomberg.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
