NEW YORK, Nov 27: JPMorgan CEO Jamie Dimon is brushing aside apocalyptic forecasts about AI’s impact on humanity. Instead, he is focusing on how the technology could significantly enhance business operations and improve the work-life balance for employees.

Even though Dimon has long been an advocate for traditional career values such as hard work, readiness, and office-based work, he believes AI will enable future generations to work fewer hours. In fact, he envisions the workweek shrinking from five to three and a half days, with employees potentially living to 100 years old thanks to advancements in technology.

"Technology has always replaced jobs," Dimon told Bloomberg TV. He added, "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 pointed out that thousands of employees at JPMorgan are already using AI, referring to the technology as a "living breathing thing" that will evolve throughout history.

AI’s potential spans a wide range of applications at JPMorgan, from detecting errors to improving trading, research, and hedging processes—raising concerns that it could displace human workers. Goldman Sachs forecasts that AI could eliminate around 300 million jobs, with many Americans fearing they might lose their positions to the technology.

However, Dimon emphasized that technological advancements have always led to societal shifts. "People have to take a deep breath," he urged. "There are also huge opportunities to improve living standards with AI and large language models."

Indeed, AI may enable employees to reduce their work hours by automating certain tasks. A report by McKinsey last year revealed that generative AI and emerging technologies could automate 60% to 70% of current job tasks, contributing $2.6 trillion to $4.4 trillion annually to the global economy.

As businesses continue to grapple with the speed at which AI will reshape industries, calls for shorter workweeks are already being heard. A study by the University of Cambridge of 61 organizations in the U.K. found that a four-day workweek led to a 65% reduction in sick days and reduced burnout for 71% of employees. As a result, 92% of the companies involved in the program decided to implement a three-day weekend.

Dimon is not the first to predict that technology will shorten the workweek. Economist John Maynard Keynes made a similar forecast in his 1930 essay, "Economic Possibilities for Our Grandchildren," predicting that advancements in productivity would lead to a 15-hour workweek for future generations. However, the current average workweek in the U.K. stands at 36.4 hours.

Like other prominent figures, Dimon acknowledges the risks AI presents if misused. He echoed concerns voiced by figures like Apple co-founder Steve Wozniak and Microsoft cofounder Bill Gates, saying, "Technology has done unbelievable things for mankind, but, you know, planes crash, pharmaceuticals get misused—there are negatives. The biggest negative in my view is AI being used by bad people to do bad things. Think of cyber warfare."

Dimon, who shares OpenAI CEO Sam Altman’s hope for regulatory measures, recognizes that the AI sector is still in its early stages, and creating effective safeguards may take time.

While Dimon is aware that AI could displace jobs, especially at JPMorgan, he hopes to redeploy displaced employees into other roles. Drawing from JPMorgan's experience with the acquisition of First Republic in May 2023, he explained, "At First Republic, we offered jobs to 90% of people. They accepted, but we also told them some of those jobs are transitory. We hire 30,000 people a year, so we expect to be able to get them a job somewhere local in a different branch or a different function if we can do that."

Dimon added that JPMorgan would take a similar approach with any job dislocations caused by AI advancements.