JPMorgan Chase CEO Jamie Dimon revealed that the bank spends about $2 billion annually on artificial intelligence projects , explaining that this investment is roughly equivalent to the savings that the technology brings to the bank thanks to its high efficiency in reducing costs and improving performance.
In a television interview, Dimon explained that artificial intelligence has become an integral part of the bank's operations in the areas of risk management, marketing, and customer service , adding that "investing in this technology is entirely financially worthwhile, as it has already saved the bank billions of dollars, and this is just the beginning."
He noted that the bank has hundreds of successful practical applications of artificial intelligence technologies , and predicted that the number of these applications would grow rapidly in the coming years as the use of artificial intelligence expands in the banking sector.
In contrast, a report issued by the office of US Senator Bernie Sanders raised widespread concern about the impact of automation and artificial intelligence on the US labor market , warning of the potential loss of about 100 million jobs over the next decade in sectors including transportation, accounting, education, and restaurants.
In a side comment, Dimon criticized the ongoing US government shutdown , calling it "a poor way to run a country," but ruled out any long-term negative impact on financial markets.
He also expressed his support for the US Department of Defense's decision to acquire a stake in MB Materials to bolster supplies of vital minerals, considering investment in strategic sectors "a smart move that serves national security."
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