JPMorgan CEO Jamie Dimon reiterated in an interview on Sunday that he is generally optimistic about the impact of artificial intelligence on the economy. The head of the largest U.S. bank acknowledged that companies have been cautious about hiring recently, but said it had nothing to do with artificial intelligence and cast doubt on claims that it will significantly reduce jobs next year.
"To a large extent, artificial intelligence will do a lot of great things for humans, like tractors, fertilizers, vaccines," he said. "You know, maybe one day we can work less hard and enjoy a better life."
Dimon added that AI still requires appropriate regulation to mitigate downside risks, like other innovations throughout history.
He also reiterated his earlier warning that artificial intelligence will replace jobs, but urged people to focus on skills that are uniquely human, such as critical thinking, emotional intelligence and communication.
If AI sweeps through the economy so quickly that workers can't adapt to new roles in time, Dimon suggested both the public and private sectors have a role to play.
“We — the government, our companies, we as a society — should be thinking about how to phase it in in a way that doesn’t hurt a lot of people... You can retrain people, relocate people, provide income assistance, retire early,” he explained.
At the same time, he noted, AI is also creating jobs in the short term as new infrastructure requires more buildings and fiber optics.
These are the latest comments Dimon has made about artificial intelligence in recent months. He predicted last month that artificial intelligence would help developed countries reduce the working week to three and a half days sometime in the next 20 to 40 years.
At an event in October, he said governments and businesses must plan for the future of artificial intelligence to avoid social backlash.
"This is going to cost jobs. People should stop burying their heads in the sand," Dimon warned.