AI may prolong life and reduce workweeks, claims JP Morgan CEO

October 3, 2023

AI JP Morgan

According to Jamie Dimon, CEO of JP Morgan, AI could lead to longer life spans and shorter workweeks.

Dimon shared his optimistic views on the future shaped by AI during an interview with Bloomberg TV, stating: “People have to take a deep breath… 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.”

Many are concerned about AI’s ability to disrupt workplaces and hoover up work, with studies suggesting the technology will eliminate service jobs by 2030.

According to some forecasts, higher-paid individuals are also at risk, posing the question: who will pay taxes when AI takes over?

And how will the jobless pay for the AI tools developers are already struggling to monetize amid the colossal costs of training advanced models? 

Reflecting this, Goldman Sachs raised an alarm that generative AI might displace roughly 300 million full-time jobs despite raising GDP by 7%. IBM and McKinsey made similar forecasts, suggesting vast swathes of the population will need to reskill because of AI.

Dimon, emphasizing the pervasive nature of AI at JP Morgan, believes it’s multifaceted in its applications: “It’s [doing] idea generation, it’s [doing] large language models, it’s note-taking while you’re talking to someone…it’s a little bit of everything.”

Healthcare and biomedical science is another sector where AI’s benefits are tangible. 2023 has witnessed a plethora of advanced medical breakthroughs assisted by cutting-edge AI, including generative AI. 

A recent survey by the science journal Nature revealed the true extent of how AI has come to influence science this year. 

While Dimon is generally optimistic about AI’s potential, he didn’t dismiss the challenges, stating: “Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused – there are negatives. This one, the biggest negative in my view, is AI being used by bad people to do bad things.”

AI’s potential benefits and drawbacks are balanced on a knife edge. Will workers get the best out of the technology while simultaneously keeping their jobs?

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Sam Jeans

Sam is a science and technology writer who has worked in various AI startups. When he’s not writing, he can be found reading medical journals or digging through boxes of vinyl records.


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