“The importance of AI is real, and while I hesitate to use the word transformational—it is,” Dimon wrote. “The pace of adoption will likely be far faster than prior technological transformations, like electricity or the internet. Those took decades to roll out, but this implementation looks likely to accelerate over the next few years.”
Dimon said the technology will influence nearly every business process at the largest U.S. bank, from customer-facing services to internal systems used by employees.
“AI will affect virtually every function, application, and process in the company,” he wrote, adding that in the long run, “it will have a huge positive impact on productivity.”
Dimon also praised AI’s potential long-term effects on work, scientific research, and overall quality of life in the developed world.
“I do not think it is an exaggeration to say that AI will cure some cancers, create new composites, and reduce accidental deaths, among other positive outcomes,” he wrote.
“These risks are real, but they are manageable if companies, regulators, and governments prepare,” he wrote. “The worst mistakes we can make are predictable: overreact at the first serious incident and regulate out important innovation, or underreact and fail to learn from what went wrong.”
The right approach, he added, requires “rigorous preparation in advance, an honest assessment when things go wrong—and they will—and discipline to fix what's broken without destroying what works.”
In his letter, Dimon also raised the specter of job losses caused by AI, saying that the technology will change the labor market as companies adopt automation across more tasks.
“AI will definitely eliminate some jobs, while it enhances others. Our firm will have definitive plans on how we can support and redeploy our affected workforce,” he said. “AI will create many jobs—some we can see today in cybersecurity and AI itself, and some we can’t see. But we do know that there is a huge workforce shortage for many well-paying white- and blue-collar jobs.”
Concerns about AI-driven job losses have intensified in recent months as industry leaders warn the technology could reshape white-collar work faster than previous waves of automation.
“I have engineers within Anthropic who say, ‘I don’t write any code anymore. I just let the model write the code, I edit it,’” he said at the time. “We might be six to 12 months away from when the model is doing most, maybe all, of what [software engineers] do end-to-end.”
Despite these risks, Dimon said JPMorgan intends to continue deploying artificial intelligence throughout its operations as competition increases from fintech companies and other technology-driven financial services firms.
“We will not put our heads in the sand. We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees),” he wrote.
