JPMorgan's Dimon Says AI Adoption at 'Tip of the Iceberg'

Bloomberg

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00:00When it comes to AI, which parts of the J.P. Morgan business are going to be most transformed by AI?

00:06Yeah, so we've been doing AI since 2012, so people think it's a new thing.

00:10Gen AI is kind of new, but not all of AI.

00:12We have 2,000 people doing it, spend $2 billion a year on it.

00:16It affects everything, risk, fraud, marketing, idea generation, customer service,

00:22and it's kind of the tip of the iceberg.

00:24And so we're deploying it.

00:25Every time we meet as a business, we ask, what are you doing in AI?

00:27What are you doing to serve your people?

00:28Why can you do better?

00:29What is somebody else doing?

00:31So we're freely deploying it, and safely.

00:33We have a lot of rules and regulations in place for our own data and how we use it, et cetera.

00:38Is it having a material impact on revenues for J.P. Morgan?

00:40If not now, then when?

00:41So we have shown that for $2 billion of expense, we have about $2 billion of benefit.

00:46Some we actually can do real detail.

00:47We did this, we reduced headcount, we saved this time and money, we reduced errors.

00:52Some you can't.

00:53It's just improved service, something like that.

00:54It's almost worthless to say, what's the NPV?

00:57But we know about $2 billion of actual cost saves.

01:01And like I said, I think it's the tip of the iceberg.

01:03We're getting better and better at it.

01:05We know how to do it.

01:06As the managers learn how to do it, they're asking more questions.

01:09Why can't it do X and why can't it do Y?

01:11And then on my phone here, we have a suite, an LLM suite, on internal data to do research

01:16and summarize reports and scan contracts and do things like that.

01:22150,000 people a week use it.

01:24So it's quite productive.

01:26More and more of your employees are using the Igentic AI.

01:28Our own LLM.

01:31And Igentic is just starting.

01:33But that will be deploying over time too.

01:35But it's also being used for coding.

01:37I mean, it's being used quite broadly now.

01:40And like I said, part of it is getting your mind working around how you're going to use

01:44this thing.

01:44And so our managers and leaders have to do it.

01:47If you look out five years, are there more jobs in banking as a result of AI or fewer?

01:54Look, I think people shouldn't put their head in the sand.

01:57It is going to affect jobs.

01:59So think of every application, every service you do, where you'll be using AI.

02:04Some to enhance it.

02:05Some of it will be you doing the same job.

02:07You're doing a better job at it.

02:09There will be jobs that it eliminates.

02:11But you're better off being way ahead of the curve and retraining people.

02:15So we retrain and redeploy a lot of people.

02:17So for JP Morgan, if we're successful, we'll have more jobs.

02:21But there'll probably be less jobs in certain functions.

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