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JPMorgan CEO Jamie Dimon says AI could bring a 3½-day workweek

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JPMorgan Chase CEO Jamie Dimon is bullish on the benefits of artificial intelligence, which is already being used by thousands of employees at his bank, and he predicts it'll usher in the norm of a shortened workweek.

"Your children are going to live to 100 and not have cancer because of technology," Dimon said Monday in an interview with Bloomberg TV. "And literally they'll probably be working 3½ days a week."

Dimon says the bank's investments in AI "will add huge value" and is being leveraged across the firm's research, trading, customer service and other functions.

When asked if the technology is likely to replace some bank jobs, he responded that "of course" it will, but that "technologies always replace jobs."

He added the bank hires some 30,000 people a year, and that he expects many displaced workers will be transferred to new locations and roles within the company.

As many as 300 million jobs around the world could be affected by AI, according to a recent Goldman Sachs report.

And about 1 in 5 American workers have a job with "high exposure" to artificial intelligence, according to Pew Research Center, though it's unclear if AI would enhance or displace these roles.

Tech innovations also create new jobs and opportunity: AI technology could improve labor productivity and boost global GDP by as much as 7% over time, Goldman Sachs' report noted.

Dimon's comments on a shortened workweek may be more about efficiency than flexibility. He's been a longtime critic of remote and hybrid arrangements.

While Dimon has previously said remote can work for some jobs like coding, those in research, and women in caregiving roles, the arrangement doesn't apply to all roles, especially those in leadership.

JPMorgan Chase began its return-to-office campaign in September 2020 with fits and starts over the next few years. In April 2023, the bank sent a memo asking its managing directors to work from the office for five days a week.

"I don't know how you can be a leader and not be completely accessible to your people. I do not believe you can be a leader and not be accessible to your people," Dimon told The Economist.

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