Can AI Bring Work-Life Balance, Set Aside Job Loss Fear? JPMorgan CEO Says ‘Yes’

JPMorgan CEO Jamie Dimon suggested employees embrace artificial intelligence (AI) as he believes that it is likely to decrease working days from five to three and a half in the future and will lead to work-life balance, according to a report by Fortune. He noted that AI does pose a risk of job loss, but it’s a fear that is associated with technological changes historically. Instead, he recommended people to focus on the positive impacts of AI, as it is a “living breathing thing” and will evolve over time to impact not just work environment and businesses but social lives as well. 

“People have to take a deep breath. Technology has always replaced jobs. 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,” Dimon told Bloomberg TV. 

Dimon mentioned that JPMorgan has already started using AI in operations including error detection, trading, research and hedging. 

This isn’t the first time that fear of employees losing jobs due to AI has been addressed by a business leader. Earlier in October, Nvidia CEO Jensen Huang said those who fail to learn AI will be at a disadvantage. 

“AI can do 20 per cent of the stuff 1,000 times better. When people ask if AI is going to take their jobs, I say the person who uses AI to do those 20 per cent tasks will take your job,” said Huang. 

While business leaders have suggested employees to adopt AI and look at the positive side of the technology. The fear of workers has cemented as many companies have announced layoffs, citing those roles can be done by AI. Additionally, companies are now eyeing AI as a measure to save costs. The trend has become more evident in the tech industry. 

Earlier this month, the public finance company 1% Club announced a 15 per cent job cut as a measure to reduce costs and leverage AI. Chennai-based software service company Freshworks announced a plan to lay off nearly 660 employees from its global workforce of 5,500. In September this year, news regarding job cuts in IBM surfaced. Tech giant Amazon also announced approximately 14,000 managerial jobs.