Artificial Intelligence is as transformative as the steam engine and the internet — Jamie Dimon

rtificial Intelligence (AI) is not just another tech trend—it’s a transformative force on the scale of the internet, electricity, the steam engine, and the tractor. “I think it is as real as the internet, electricity, the steam engine, uh, the tractor.

Yeah, it’s big,” Dimon said during his talk. These technologies reshaped the world in ways that were often unpredictable, rolling out at paces and with consequences far different from initial expectations.

AI is following a similar path, and JPMorgan Chase, under Dimon’s leadership, is embracing it head-on. Here’s what can be learned from their approach, along with insights on the broader implications for jobs, regulation, and data privacy.

JPMorgan Chase’s Massive Commitment to AI

JPMorgan Chase has been investing in AI since 2012, and its efforts are anything but small-scale.

The company employs 200 people in a dedicated research department focused on areas like natural language processing (NLP) and general intelligence, with a total of 2,000 employees working on AI and machine learning across the organization.

A senior executive, reporting directly to Dimon and the president, oversees these efforts.

The investment is substantial—$2 billion annually—and the results are already significant, generating or saving about $2 billion each year through 450 specific use cases. “My guess is it’ll be 800 by the end of this year,” Dimon predicted.

These use cases span the company’s operations, from combating risk, fraud, scams, and elder fraud to optimizing marketing, moving money, and hedging equity portfolios.

AI powers trading machines, enhances call centers by anticipating customer needs, and is on the verge of becoming “agentic”—making decisions autonomously, such as issuing replacement debit cards or correcting errors without human intervention.

“There is nothing that’s not going to touch it,” Dimon emphasized, underscoring AI’s pervasive role within the company.

AI as a Game-Changer: Act, Don’t Overthink

One of the key takeaways from Dimon’s perspective is the importance of action over endless debate.
‍

“Just do it. Don’t spend that much time debating it. I don’t need to hear ‘open, closed, big, deep.’ It makes no difference,” he advised.

For JPMorgan Chase, the strategy is clear: deploy AI as a tool, strive to be the best at using it, and adapt as it evolves. The costs may exceed expectations, or they may fall short—it’s impossible to predict with certainty.

What matters is moving forward decisively.

However, this pragmatic approach comes with a caveat: AI’s power is not limited to positive applications.

Cybercriminals are already leveraging AI, particularly in the realm of cybersecurity, which is already a significant challenge. This reality underscores the need for regulation.

“It should be regulated properly—I hope it isn’t overregulation,” Dimon cautioned, highlighting the delicate balance between fostering innovation and mitigating risks.

The Inevitable Impact on Jobs

Perhaps the most contentious aspect of AI is its impact on jobs, a topic Dimon addressed with characteristic candor.

“It will affect every single job out there. Don’t put your head in the sand,” he warned.

Many companies shy away from discussing this openly, fearing it will alarm employees, but the reality is undeniable: AI will enhance some jobs, automate others, and eliminate a few entirely.

To put this in perspective, Dimon drew an analogy to past technological disruptions. “So did the tractor and fertilizer. If you want to create 40 million jobs, I can do that with two pieces of legislation.

You can no longer use tractors on farms, and you can lose fertilizer. You’re going to need 40 million people working 6 days a week, 12 hours, making $6 an hour. You create a lot of great jobs—so, you know, not great jobs,” he quipped.

At JPMorgan Chase, the company employs 100,000 people in operations alone. If AI were to reduce half of those jobs over the next five years, Dimon suggested a pragmatic approach: let the company’s 15% annual attrition rate work in its favor, while redeploying and retraining employees where necessary.

“The more I know about it, the better I can plan for it. Then, you know, let attrition be my friend, and where necessary, redeploy, retrain, etc.,” he explained.

The broader lesson here is that humanity’s adaptability is key. “I’m not afraid of it. We’re going to use it, and there’s not one job it won’t touch,” Dimon affirmed, emphasizing the need for proactive planning over fear.

Data, Privacy, and the Open Banking Debate

AI’s effectiveness relies heavily on data, and JPMorgan Chase has access to vast amounts—much of it private, not available on the public internet. “A lot of the world’s data is private. It’s not on the internet, you know, like, so you’ve got to keep that in mind,” Dimon noted.

The company leverages this data to deliver value to customers, such as enabling 200,000 employees to use large language models (LLMs) on proprietary data weekly. For example, querying how many companies were downgraded in Argentina yields instant results, with AI scanning 100,000 documents in seconds.

But with great data comes great responsibility, particularly in the context of open banking—a regulatory trend in many countries that allows consumers to share their data with competitors.

Dimon’s stance on this is clear: consumers should have control over their data. “We have never been against open banking. I believe you own your data, and if you tell us to give your data to someone, I’m totally fine with that,” he stated.

However, he raised concerns about how some companies exploit open banking, taking all of a consumer’s data—sometimes indefinitely—and selling it. “Some of these companies took your data—you signed up years ago—they’re still taking your data, they’re taking all of your data, and they’re selling it.

I wouldn’t do that to you,” he said, emphasizing JPMorgan Chase’s commitment to ethical data practices.

The Path Forward: Embrace, Plan, Regulate

The overarching message from Dimon’s conversation is that AI is a revolution on par with the internet, electricity, the steam engine, and the tractor. It’s big, it’s here, and it’s time to act.

Businesses must embrace AI, plan proactively for its impacts, and support balanced regulation to mitigate risks while fostering innovation. For companies, this means deploying AI decisively, leveraging data responsibly, and preparing workforces for change.

For policymakers, it means crafting regulations that protect consumers without stifling progress. And for individuals, it means recognizing that while AI will disrupt jobs, humanity’s adaptability will ultimately prevail.

This blog post is adapted from a candid conversation by JPMorgan Chase CEO Jamie Dimon at the Stanford Graduate School of Business, where he shared his unfiltered views on AI, its impact, and what it means for business, jobs, and regulation.