The boss of Wall Street’s largest bank said that artificial intelligence would allow people to work only three and a half days per week while living to be 100 years old.
Jamie Dimon is the chief executive officer of JP Morgan. He made this forecast in response to fears that generative AI could disrupt workplaces. even predicted that it posed an existential risk to humanity.
The veteran banker who is bullish on AI’s long term effects told Bloomberg TV that “people have to take a breath… Your kids are going to survive to 100 years old and not get cancer because of the technology.” They’ll be working literally three and a half days a week.
The announcement comes as UK prepares for a global AI Safety summit next month. This event will focus on the risks and potential solutions to these technologies.
Rishi Sunak is the Prime Minister and he wants to position Britain as the global leader when it comes to AI regulation. The summit will bring together government officials, tech companies, and academics around the world.
Chinese officials were invited. Foreign Secretary James Cleverly said that AI risks could not be contained without one of the leading players.
Mr Dimon stated: “We’ll eventually have legal guardrails surrounding it.” The new technology is difficult to implement, but will bring huge value.
The advent of new tools, such as OpenAI’s ChatGPT, has also led to predictions that could lead to large-scale job loss. AI tools are already being used in the workplace to summarize emails, compile research and write essays.
Goldman Sachs – JP Morgan’s main rival on Wall Street – warned in March of the potential for generative AI to replace 300 million full time jobs.
Mr Dimon said that thousands of JP Morgan employees were already using AI in their work. He admitted, however, that some jobs will be replaced by the technology. It could be used to co-pilot. It could be used to replace human beings.
It’s taking notes while talking to someone, doing large language models and idea generation.
He said previously that the technology could be used to create new products, improve customer engagement, and enhance risk management at the bank.
Experts hope that Mr Dimon’s remarks on cancer treatment will lead to medical advances such as curing life threatening illnesses.
Scientists have already used AI tools to help with screening tests for different types of cancer.
Researchers at the Royal Marsden NHS Foundation trust have developed a model of artificial intelligence that can accurately and quickly identify cancer. This could speed up patient diagnosis and treatment.
The AI conference that will be held in the UK next month will take place at Bletchley, the site of British codebreaking during World War II. The conference will be focusing on how AI can be weaponised by bad actors and how it could undermine the biosecurity.
The technology will be explored in terms of how it could serve the public. For example, how it can make transportation safer.
In May, 350 researchers and executives from the world’s largest AI laboratories issued a warning stating that AI could be a threat to human extinction. However, some experts think that these existential concerns are exaggerated.
Matt Clifford said that the AI taskforce adviser to the Prime Minister, Matt Clifford stated in June, “there are all sorts of risks, now and in future, from this “pretty frightening” technology, and they should be very high on policymakers’ agendas.”
Despite his optimistic view of AI’s potential, Dimon did sound a cautionary note about the technology. He said: “Technology is doing incredible things for humanity but, you see, planes crash and pharmaceuticals are misused. There are downsides.” The biggest negative, in my opinion, is when bad people use AI to do bad things.