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More than three years after the launch of ChatGPT, anxiety about artificial intelligence in the workplace remains high\u2014especially among Gen Z\u2014as corporate America pushes for higher productivity from leaner workforces. The U.S.\u2019s largest bank, JPMorgan Chase, is no exception.<\/p>\n
Speaking at the World Economic Forum meeting in Davos, Switzerland, the company\u2019s CEO, Jamie Dimon, admitted he\u2019ll likely employ fewer workers in the next five years\u2014but warned that rushing into AI-driven layoffs without safeguards could backfire, potentially triggering \u201ccivil unrest.\u201d<\/p>\n
Instead, the 69-year-old said he\u2019d even welcome government bans on replacing masses of workers with AI. But before it gets to that stage, he already has ideas up his sleeve to protect some of the 300,000-plus employees on his payroll. <\/p>\n
\u201cI have a plan to retrain people, relocate people, income-assist people,\u201d Dimon said.<\/p>\n
Dimon pointed to the roughly 2-million-strong commercial trucking industry as an example. A sudden shift to fully autonomous trucking, he said, could displace workers who currently earn well into six figures, leaving them struggling to make ends meet.<\/p>\n
\u201cPhase it in. Retrain.\u201d he said. \u201cYou can\u2019t lay off 2 million truckers tomorrow. You can phase it in over time.\u201d<\/p>\n
And if that doesn\u2019t suffice and government intervention is needed to prevent companies from cutting jobs too aggressively, Dimon said he would support it\u2014especially if it comes from local incentives.<\/p>\n
\u201cWe would agree\u2014if we have to do that to save society,\u201d he said. \u201cSociety will have more production. We\u2019re going to cure a lot of cancers. You\u2019re not going to slow it down. How do you have plans in place to make it work better if it does something terrible?\u201d<\/p>\n
So far, job cuts directly tied to AI have been limited; in 2025, just 55,000 positions were eliminated as a result of automation\u2014accounting for more than 75% of all AI-related cuts reported since 2023, according to analysis from recruiting firm Challenger, Gray & Christmas.<\/p>\n
However, AI leaders like pioneering computer scientist Geoffrey Hinton said the worst is yet to come.<\/p>\n
\u201cWhat\u2019s actually going to happen is rich people are going to use AI to replace workers,\u201d the \u201cGodfather of AI\u201d said last September. \u201cIt\u2019s going to create massive unemployment and a huge rise in profits. It will make a few people much richer and most people poorer. That\u2019s not AI\u2019s fault, that is the capitalist system.\u201d<\/p>\n
Dimon\u2019s contrasting remarks are likely to offer some reassurance to workers, signaling that at least some business leaders recognize that replacing employees with AI\u2014without policies to support those displaced\u2014could have serious social consequences.<\/p>\n
Still, he admitted, similar efforts haven\u2019t worked well in the past. Dimon pointed to the U.S. Trade Adjustment Assistance program\u2014which provides support to workers who lose jobs or see wages decline as a result of offshoring\u2014as a cautionary tale, calling it \u201cincredibly poorly done.\u201d<\/p>\n
That failure, Dimon added, doesn\u2019t mean new approaches in the AI era can\u2019t succeed.<\/p>\n
\u201cDon\u2019t put your head in the sand. It is what it is,\u201d he said.<\/p>\n
But Dimon isn\u2019t the first billionaire executive thinking about how society should respond if AI significantly reduces the need for human labor.<\/p>\n
Elon Musk has repeatedly argued that advances in AI and robotics will eventually make universal income unavoidable.\u00a0<\/p>\n
\u201cThere will be no poverty in the future and so no need to save money,\u201d Musk wrote in a post on X, his social media platform. \u201cThere will be universal high income.\u201d<\/p>\n
OpenAI CEO Sam Altman has long taken a similar view, advocating for what he described in a 2016 Y Combinator blog post as, \u201cgiving people enough money to live on with no strings attached.\u201d<\/p>\n
\u201cI\u2019m fairly confident that at some point in the future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we\u2019re going to see some version of this at a national scale.\u201d<\/p>\n<\/div>\n
#JPMorgan #CEO #Jamie #Dimon #welcomes #government #ban #massfiring #people #cure #lot #cancers<\/p>\n","protected":false},"excerpt":{"rendered":"
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