Work 3.5 days a week to become a reality soon? JPMorgan Chase CEO Jamie Dimon envisions a future

Jamie Dimon, JPMorgan Chase CEO, is positive about the impact of Artificial Intelligence (AI) on the workforce. He has envisioned a future where the next generation of employees may have to work 3.5 days a week can become a possibility with the advent of AI.

He also dismissed doomsday predictions of AI laying out employees while highlighting that he views the technology is vastly improving businesses and enhancing work-life balance of employees, reports The Fortune. Jamie Dimon is championing the potential of artificial intelligence (AI) to transform businesses and redefine work-life balance, dismissing fears of the technology wreaking havoc on humanity

Jamie Dimon has been a strong advocate of long-established career norms such as working hard, being prepared for anything, and working in the office. Despite this, the American businessman said future generations of employees could work a day and a half less every week, thanks to AI.

Work 3.5 days a week a reality soon?

Jamie Dimon envisions a future where employees might work only three and a half days a week while benefiting from AI’s ability to automate tasks that currently consume 60% to 70% of their time. Jamie Dimon has also predicted that staff in the future could live to 100 years of age due to the AI’s influence.

“Your children are going to live to 100 and not have cancer because of technology,” Dimon was quoted as saying in an interview on Bloomberg TV. “And literally they’ll probably be working three-and-a-half days a week.”

JPMorgan, America’s largest bank, has already integrated AI into various operations, including error detection, trading, research, and hedging. Dimon told Bloomberg TV, adding that artificial intelligence is a “living breathing thing” that will shift over the course of history.

Children won’t have cancer due to AI, says Jamie Dimon

AI has sparked fears about potential replacement of humans in several sectors. Goldman Sachs has predicted that approximately 300 million jobs will be lost to the technology, with around a quarter of the American workforce fearing in the future they will lose their roles to artificial intelligence.

However, Dimon pointed out that society has underwent changes with the advancement of technology, adding that with AI and large language models there are also huge opportunities to improve living standards.

“People have to take a deep breath,” Dimon said. “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.”

Employees could scale back on their working hours, thanks to the technology being used to automate some of their activities, McKinsey found in a report published last year.

Jamie Dimon on AI negatives

Like other global corporate leaders, Dimon is aware that the technology could prove to be a powerful weapon if it fell into the wrong hands.

Echoing the concerns of individuals such as Apple cofounder Steve Wozniak and Microsoft cofounder Bill Gates, Dimon said, “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. Think of cyber warfare.”

The billionaire boss of the New York City–based bank also noted some employees’ lives will be disrupted by the technology displacing their roles. In JPMorgan Chase’s case, at least, Dimon said he hopes to “redeploy” any staff who are pushed out of a job by AI.

He drew comparisons with JPMorgan’s acquisition of First Republic in May 2023, when the latter bank fell victim to a wave of banking instability before agreeing to a $10 billion deal.

“At First Republic we’ve offered jobs to 90% of people. They accepted, but we also told them some of those jobs are transitory. But 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 explained. “We’ll be doing that with any dislocation that takes place as a result of AI.”

Source: GWFM Research & Study