Rapid AI integration may outpace societal adaptation, necessitating collaborative retraining efforts to mitigate job displacement and unrest.
JPMorgan CEO Jamie Dimon warned that AI adoption is moving faster than society can adapt, saying governments and businesses may need to work together on retraining programs and income support to ease the transition.
“I do think it may go too fast for society,” Dimon said at a World Economic Forum panel discussion in Davos. “And if it goes too fast for society, that’s where government and business and the collaborative ways to step in together and come up with a way to retrain people or move it over time.”
Dimon acknowledged that AI will eliminate some jobs while changing others at JPMorgan, the largest US bank by assets. He estimated the firm would likely have fewer employees in five years despite continued global growth.
The bank currently has 500 AI use cases deployed across risk, fraud, marketing, customer service, and credit operations. An internal large-language model is used by 150,000 employees weekly.
“I still think it’s the tip of the iceberg,” Dimon said. “I think this one is faster, is massive, it is like the internet. Or electricity, it’s not going to run over 20 years. It’s more parabolic for now.”
Dimon pointed to autonomous trucking as an example of potential disruption, noting that two million commercial truck drivers could face displacement. He suggested a phased implementation rather than immediate widespread adoption.
“Should you do it all at once if two million people go from driving a truck, making $150,000 a year, to a next job might be $25,000? No, you’ll have civil unrest,” he said.
The CEO emphasized that JPMorgan now treats AI as a distinct function with representation at the management table, separate from traditional technology operations. He noted that the competitive landscape has expanded beyond traditional banks to include fintech companies like Stripe, PayPal, Chime, and Revolut.
“If you put your head in the sand, you will lose,” Dimon said.
