LA
Member
- Joined
- Jul 25, 2020
- Messages
- 677
JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank
JPMorgan head honcho Jamie Dimon said that AI is an integral part of his firm and will likely eventually shorten the work week to 3.5 days.
[Text-version:]JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank | Daily Mail Online | Daily Mail Online
JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank
- Dimon spoke with Bloomberg TV on Monday about the use of AI at his bank
- The CEO said that AI technology has already become integral to his firm
- Though some jobs will ultimately be lost to the advanced tech, Dimon said that JPMorgan would hope to 'redeploy' those employees elsewhere
2 October 2023
Jamie Dimon said artificial intelligence is already being used in most parts of JPMorgan and that it will eventually likely shorten the work week to 3.5 days.
In a Monday interview with Bloomberg TV, the Wall Street titan spoke about the development of AI is impacting his bank and what sorts of effects it will likely have on the working world in the future.
'We already have thousands of people (inside JPMorgan) doing it,' Dimon said of AI.
'Every single process ... every app, every database,' has been touched by the technological developments offered by the emerging field.
He added that AI programs are already 'doing all the equity hedging for us, for the most part,' and called the technology 'critical to our company's future success.'
When asked whether AI will eventually replace some human jobs, he reflexively said, 'of course, yeah.'
For the jobs that still exist at his firm, and it is not clear that AI has so far eliminated any at JPMorgan, Dimon has famously been bullish on his employees returning to the office five days a week. In the future, that could be just 3.5 days, he said.
But, he added that technology has long replaced certain functions that were formerly performed manually, and has ultimately 'done unbelievably things for mankind.'
'But you know, planes crash, pharmaceuticals get misused,' he continued, noting that all major technological developments have downsides.
'Your children are going to live to 100 and not have cancer because of technology,' he said. 'And literally they'll probably be working three-and-a-half days a week.'
Dimon has previously said he believed AI will help advance his firm's products, customer engagement, risk management, and productivity.
The downside of AI, Dimon said, is the potential for bad actors to use it. He specifically mentioned cyber warfare.
In terms of job replacement, Dimon expects AI will replace some jobs, but said that anyone whose job is replaced, 'we hope to redeploy' elsewhere in the company.
In his annual shareholder letter, Dimon devoted an entire section to AI, in which he wrote about JPMorgan's efforts to incorporate AI into bank operations.
Despite the progress that AI is making at JPMorgan, and even his claim that in the not-so-distant future, some people will be working 3.5 days a week, Dimon made his position very clear last summer that he wants his bankers in the office five days a week.
As the banking giant continues construction on a $3billion 70-story office tower on Park Avenue, Dimon wants to ensure that the building is not sitting empty when it officially opens in 2025.
The building in the center of Midtown Manhattan will fit 15,000 employees.
'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 said
JPMorgan has been gradually calling employees back to the office five days a week as the bank continues building its massive Park Avenue office tower
At one point, Dimon was also reportedly concerned that the lack of employee presence at the office would drive down asset value and ultimately impact shareholder prices.
This spring, JPMorgan ordered all of its executives back to the office five days a week, and installed a system in which bonuses will be tied to office attendance.
A memo sent out in the spring explained that the bank needs its senior leaders to be in the office every day. 'We need them to lead by example, which is why we're asking all managing directors to be in the office five days a week,' the memo states.
Last year, Dimon also warned of a 'hurricane' that was moving toward striking the US banking system.
Amid a struggling economy, that has not meaningfully changed since last year, Dimon said that bracing for a financial storm is a necessity, 'we just don't know if it's a minor one or Super Storm Sandy.'
JP Morgan Chase memo to managers and executives obtained by outlets
Message from the Operating Committee
Dear colleagues,
As we've returned to more normal patterns in our lives and work, we can all appreciate the many benefits of in-person engagement. We believe this is especially true when it comes to the importance of being in the office — being together improves the speed of decision making, while also providing valuable opportunities for spontaneous learning and creativity, as well as allowing our professionals to learn through our apprenticeship model. We also believe that being together in person is the best way to build and strengthen our culture — the very thing that makes our company special.
Our leaders play a critical role in reinforcing our culture and running our businesses. They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings. We need them to lead by example, which is why we're asking all Managing Directors to be in the office five days a week.
We also want to recognize and thank our thousands of colleagues who cannot take advantage of a hybrid schedule because of the role they play at the company — for example, employees in our retail bank branches and jobs in check processing. And for those of you whose roles can benefit from a hybrid work model — please be reminded that a minimum of three days a week in the office is required. Any exception will need senior management approval. Most of you are following your hybrid models, but there are a number of employees who aren't meeting their in-office attendance expectations, and that must change. You're responsible for meeting your hybrid model requirements. Your manager is responsible for ensuring that attendance requirements are being met and in cases where they aren't, taking the appropriate performance management steps, which could include corrective action.
We learned a lot during the pandemic about how important flexibility can be in terms of taking care of family and other personal matters. So just as it was prior to COVID, we fully expect our people to have flexibility, as appropriate.
If there are any constraints on space, they should be made known to your senior management to be resolved to make seating available. We know that there are plenty of employees who prefer to work a full week in the office — for example, those starting in their careers like our Program Analysts who learn from an apprenticeship model, or new joiners who need to build relationships with their colleagues. Everyone should be able to work five days a week in the office.
It's important that all employees enter their time when they are out of the office — whether for personal reasons like vacation or sick days, or for business reasons like business travel or client meetings. While many of you already do this, for others this will be new. You should know that there is significant work underway to automate attendance tracking related to business travel and client meetings (e.g., leveraging corporate travel data, Outlook Calendars, etc.), and to generate routine reminders when a manual entry is needed. In the meantime, you may be required to enter business-related out of office codes (when you're out for a full day) until these data feeds are integrated. Tracking attendance is not only important to manage hybrid work schedules but also for real estate, resiliency and security purposes. This data will help us understand what's working and what's not in terms of keeping all of our employees productive and safe.
In the coming days and weeks, you'll receive more information on time tracking, hybrid working tools and other resources to support you. In the meantime, you can find many useful tools and resources on the Hybrid Working page. If you have questions about your in-office attendance expectations, please speak with your manager.
We have a winning team at JPMorgan Chase and working with one another — in person — is optimal for our company, our clients and our culture. Being together greatly benefits mentoring, learning, collaboration and execution — it is truly the foundation of our culture.
Thank you for everything you continue to do to make our company strong and vibrant.
Comments and Images [+mostly paid ads on right side column]:
---[view:]JPMorgan boss Jamie Dimon says AI will bring 3.5-day workweek
=
JPMorgan head honcho Jamie Dimon said that AI is an integral part of his firm and will likely eventually shorten the work week to 3.5 days.
[Text-version:]JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank | Daily Mail Online | Daily Mail Online
JPMorgan boss Jamie Dimon says AI will enable a 3.5-day workweek as he reveals the technology is 'already doing all the equity hedging' for his bank
- Dimon spoke with Bloomberg TV on Monday about the use of AI at his bank
- The CEO said that AI technology has already become integral to his firm
- Though some jobs will ultimately be lost to the advanced tech, Dimon said that JPMorgan would hope to 'redeploy' those employees elsewhere
2 October 2023
Jamie Dimon said artificial intelligence is already being used in most parts of JPMorgan and that it will eventually likely shorten the work week to 3.5 days.
In a Monday interview with Bloomberg TV, the Wall Street titan spoke about the development of AI is impacting his bank and what sorts of effects it will likely have on the working world in the future.
'We already have thousands of people (inside JPMorgan) doing it,' Dimon said of AI.
'Every single process ... every app, every database,' has been touched by the technological developments offered by the emerging field.
He added that AI programs are already 'doing all the equity hedging for us, for the most part,' and called the technology 'critical to our company's future success.'
When asked whether AI will eventually replace some human jobs, he reflexively said, 'of course, yeah.'
For the jobs that still exist at his firm, and it is not clear that AI has so far eliminated any at JPMorgan, Dimon has famously been bullish on his employees returning to the office five days a week. In the future, that could be just 3.5 days, he said.
But, he added that technology has long replaced certain functions that were formerly performed manually, and has ultimately 'done unbelievably things for mankind.'
'But you know, planes crash, pharmaceuticals get misused,' he continued, noting that all major technological developments have downsides.
'Your children are going to live to 100 and not have cancer because of technology,' he said. 'And literally they'll probably be working three-and-a-half days a week.'
Dimon has previously said he believed AI will help advance his firm's products, customer engagement, risk management, and productivity.
The downside of AI, Dimon said, is the potential for bad actors to use it. He specifically mentioned cyber warfare.
In terms of job replacement, Dimon expects AI will replace some jobs, but said that anyone whose job is replaced, 'we hope to redeploy' elsewhere in the company.
In his annual shareholder letter, Dimon devoted an entire section to AI, in which he wrote about JPMorgan's efforts to incorporate AI into bank operations.
Despite the progress that AI is making at JPMorgan, and even his claim that in the not-so-distant future, some people will be working 3.5 days a week, Dimon made his position very clear last summer that he wants his bankers in the office five days a week.
As the banking giant continues construction on a $3billion 70-story office tower on Park Avenue, Dimon wants to ensure that the building is not sitting empty when it officially opens in 2025.
The building in the center of Midtown Manhattan will fit 15,000 employees.
'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 said
JPMorgan has been gradually calling employees back to the office five days a week as the bank continues building its massive Park Avenue office tower
At one point, Dimon was also reportedly concerned that the lack of employee presence at the office would drive down asset value and ultimately impact shareholder prices.
This spring, JPMorgan ordered all of its executives back to the office five days a week, and installed a system in which bonuses will be tied to office attendance.
A memo sent out in the spring explained that the bank needs its senior leaders to be in the office every day. 'We need them to lead by example, which is why we're asking all managing directors to be in the office five days a week,' the memo states.
Last year, Dimon also warned of a 'hurricane' that was moving toward striking the US banking system.
Amid a struggling economy, that has not meaningfully changed since last year, Dimon said that bracing for a financial storm is a necessity, 'we just don't know if it's a minor one or Super Storm Sandy.'
JP Morgan Chase memo to managers and executives obtained by outlets
Message from the Operating Committee
Dear colleagues,
As we've returned to more normal patterns in our lives and work, we can all appreciate the many benefits of in-person engagement. We believe this is especially true when it comes to the importance of being in the office — being together improves the speed of decision making, while also providing valuable opportunities for spontaneous learning and creativity, as well as allowing our professionals to learn through our apprenticeship model. We also believe that being together in person is the best way to build and strengthen our culture — the very thing that makes our company special.
Our leaders play a critical role in reinforcing our culture and running our businesses. They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings. We need them to lead by example, which is why we're asking all Managing Directors to be in the office five days a week.
We also want to recognize and thank our thousands of colleagues who cannot take advantage of a hybrid schedule because of the role they play at the company — for example, employees in our retail bank branches and jobs in check processing. And for those of you whose roles can benefit from a hybrid work model — please be reminded that a minimum of three days a week in the office is required. Any exception will need senior management approval. Most of you are following your hybrid models, but there are a number of employees who aren't meeting their in-office attendance expectations, and that must change. You're responsible for meeting your hybrid model requirements. Your manager is responsible for ensuring that attendance requirements are being met and in cases where they aren't, taking the appropriate performance management steps, which could include corrective action.
We learned a lot during the pandemic about how important flexibility can be in terms of taking care of family and other personal matters. So just as it was prior to COVID, we fully expect our people to have flexibility, as appropriate.
If there are any constraints on space, they should be made known to your senior management to be resolved to make seating available. We know that there are plenty of employees who prefer to work a full week in the office — for example, those starting in their careers like our Program Analysts who learn from an apprenticeship model, or new joiners who need to build relationships with their colleagues. Everyone should be able to work five days a week in the office.
It's important that all employees enter their time when they are out of the office — whether for personal reasons like vacation or sick days, or for business reasons like business travel or client meetings. While many of you already do this, for others this will be new. You should know that there is significant work underway to automate attendance tracking related to business travel and client meetings (e.g., leveraging corporate travel data, Outlook Calendars, etc.), and to generate routine reminders when a manual entry is needed. In the meantime, you may be required to enter business-related out of office codes (when you're out for a full day) until these data feeds are integrated. Tracking attendance is not only important to manage hybrid work schedules but also for real estate, resiliency and security purposes. This data will help us understand what's working and what's not in terms of keeping all of our employees productive and safe.
In the coming days and weeks, you'll receive more information on time tracking, hybrid working tools and other resources to support you. In the meantime, you can find many useful tools and resources on the Hybrid Working page. If you have questions about your in-office attendance expectations, please speak with your manager.
We have a winning team at JPMorgan Chase and working with one another — in person — is optimal for our company, our clients and our culture. Being together greatly benefits mentoring, learning, collaboration and execution — it is truly the foundation of our culture.
Thank you for everything you continue to do to make our company strong and vibrant.
Comments and Images [+mostly paid ads on right side column]:
---[view:]JPMorgan boss Jamie Dimon says AI will bring 3.5-day workweek
=
