AI will allow people to live to 100 and work in fewer weeks, says JP Morgan CEO

Veteran banker Mr Dimon says people should «take a deep breath» before considering the long-term implications of AI. Photo: BRIAN SNYDER/REUTERS

Artificial intelligence will eventually allow people to live to 100 and work just three and a half days a week, said the head of Wall Street's largest bank.

Jamie Dimon, chief executive JP Morgan made the prediction amid concerns that generative AI technology could lead to significant disruption in the workplace, with some even predicting it poses an existential threat to humanity.

A veteran banker who is optimistic about the long-term effects of AI told Bloomberg TV: “People need to take a deep breath… Thanks to technology, your children will live to be 100 without getting cancer. And literally they are likely to work three and a half days a week.»

It comes as the UK prepares to host a global summit on AI safety next month, which will focus on the potential risks related to technology and ways to control them.

Rishi Sunak, the prime minister, is positioning the UK as a global leader in regulating artificial intelligence, and the summit will bring together governments, tech companies and scientists from around the world.

Chinese officials were even invited, including foreign Secretary of State James Cleverley said the risks of AI could not be contained without one of its leading players.

Prime Minister Rishi Sunak is preparing to host an AI safety summit in the UK. Photo: TOBY MELVILLE/REUTERS

Mr Dimon said: “Eventually we will have legal barriers around this. This is difficult to do because it is a new technology, but it will bring huge benefits.”

The emergence of new tools such as OpenAI's ChatGPT has also led to predictions that the technology could lead to large-scale job losses. In the workplace, artificial intelligence tools can already be used to summarize emails, write essays, and conduct research.

Goldman Sachs, JP Morgan's biggest Wall Street rival, warned in March that generative AI could replace the equivalent of 300 million full-time jobs.

Mr Dimon said thousands of JP Morgan employees already use AI as part of their jobs, acknowledged the technology would replace some jobs, but added: “It's a living, breathing thing… for us in every single process… in every application and AI can be applied to every database. It can be used as a co-pilot. It can be used to replace people.

“It's generating ideas, big language patterns, taking notes while talking to someone… a little bit of everything.”

He previously said that this the technology can be used to develop new products, increase customer engagement and improve risk management for the bank.

Artificial Intelligence

Mr Dimon's comments on cancer treatments come as experts hope the technology will lead to medical breakthroughs such as healing lives. threatening diseases.

Scientists are already using artificial intelligence tools to carry out screening tests for several types of cancer.

Earlier this year, researchers at the Royal Marsden NHS Foundation Trust developed an artificial intelligence model that can quickly and accurately identify cancer, potentially speeding up diagnosis and faster referral of patients to treatment.

Next month, the UK's artificial intelligence conference will take place at Bletchley Park, where British code-breaking operations took place during the Second World War. It will focus on how AI can be weaponized by bad actors, how it can undermine biosecurity, and the risk of humanity losing control of AI tools.

It will also explore how the technology can be used for the benefit of society. for example, how it can be used to improve transport safety.

Although the heads of the world's largest artificial intelligence laboratories, along with 350 executives and researchers, issued a warning in May, arguing that artificial intelligence could pose a danger to humans. other experts believe such existential threats are overblown.

Matt Clifford, the prime minister's adviser on artificial intelligence, said in June that there were «all sorts of risks now and in the future» from the «pretty scary» technology , and they should be “very high on the agenda of policymakers.”

Despite his optimistic view of the potential of AI, Mr. Dimon also sounded a note of caution about the technology, saying: “Technology has done incredible things for humanity, but, you know, plane crashes, pharmaceuticals are used for other purposes — there are also negative aspects. In my opinion, the biggest negative thing is that bad people use artificial intelligence to do bad things.”