AI will let people live to 100 and work 3.5 day weeks, says JPMorgan boss
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Artificial intelligence will eventually enable people to live to 100 and work just three-and-a-half days a week, the boss of Wall Street’s biggest bank has said.
Jamie Dimon, chief executive of JP Morgan, made the forecast amid fears that generative AI technology could cause significant disruption to workplaces, with some even predicting that it poses an existential threat to humanity.
JPMorgan chief Jamie Dimon says AI can transform the workplace.Credit: Bloomberg
The veteran banker, who has been bullish about AI’s long-term effects, told Bloomberg TV: “People have to take a deep breath… 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.”
It comes as the UK prepares to host a global summit on AI Safety next month, which will be focused on the potential risks associated with the technology and how to control them.
Rishi Sunak, the Prime Minister, is positioning Britain as a global leader in AI regulation and the summit will bring together governments, tech companies and academics from across the globe.
Chinese officials have even been invited, with Foreign Secretary James Cleverly saying that the risks of AI could not be contained if one of its leading players was absent.
Dimon said: “Eventually we’ll have legal guardrails around it. It’s hard to do because it’s new, but it will add huge value.”
The emergence of new tools such as OpenAI’s ChatGPT have also led to predictions that the technology could result in large-scale job losses. In workplaces, AI tools can already be used to summarise emails, write essays and compile research.
Goldman Sachs, JP Morgan’s biggest Wall Street rival, warned in March that generative AI could replace the equivalent of 300 million full-time jobs.
Dimon, who said thousands of JP Morgan staff were already using AI as part of their work, admitted that the technology will replace some jobs, but added: “It’s a living breathing thing… for us, every single process…every app and every database, you can apply AI. It might be used as a co-pilot. It might be used to replace humans.
“It’s [doing] idea generation, it’s [doing] large language models, it’s note-taking while you’re talking to someone…it’s a little bit of everything.”
He previously said that the technology can be used to develop new products, boost customer engagement and enhance risk management for the bank.
Dimon’s comments regarding cancer treatment come as experts hope that the technology will lead to medical breakthroughs such as curing life-threatening illnesses.
Scientists are already using AI tools to aid screening tests for several kinds of cancers.
‘People have to take a deep breath… 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.’
Earlier this year, researchers at the Royal Marsden NHS foundation trust developed an AI model that can quickly and accurately identify cancer, potentially speeding up diagnosis and fast-tracking patients to treatment.
Next month’s AI conference in the UK will take place in Bletchley Park, the home of British codebreaking operations during the Second World War. It will focus on how AI could be weaponised by bad actors, how it could undermine biosecurity and the risk of humanity losing control of AI tools.
It will also explore how the technology could be used to serve the public, such as how it can be used to make transport safer.
While the bosses of the world’s biggest AI laboratories, alongside 350 executives and researchers, issued a warning in May arguing that AI could pose a risk of human extinction, other experts believe that such existential threats are overblown.
Matt Clifford, the prime minister’s AI task force adviser, said in June that there were “all sorts of risks now and in the future” from the “pretty scary” technology and these should be “very high on the policy makers’ agendas”.
Despite his bullish view on the potential of AI, Dimon also sounded a note of caution on the technology, saying: “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.”
Telegraph, London
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