Dimon warns of job losses from AI, calls for government-business incentives

JPMorgan Chase CEO Jamie Dimon warned on Tuesday that artificial intelligence could hit US jobs, and suggested the government could create an incentive system for businesses that would help cushion the blow.

“[If]it suddenly creates unemployment, that’s a huge problem for society,” Dimon said, speaking on a panel with Palantir Defense chief and former U.S. Rep. Mike Gallagher, R-Wis. Hill and Valley Forum In Washington.

Dimon said, “I don’t know the answer to that yet, but I would suggest it’s the following: It can’t just be government. It has to be business.” “But the government can create a system of incentives that businesses do the right things to retrain people, early retirement, relocating people… If we have the right system, we can adjust much faster.”

Dimon warned that economic changes driven by AI will be rapid, warning that they could be faster than other recent technological advances that have disrupted the economy and displaced workers, such as the Internet.

“It’s coming, it’s coming soon,” Dimon said. “It could happen quickly… So, can we accommodate people if they lose their jobs quickly? And the answer is, I don’t know if that’s going to happen, (but) I always like to be prepared.”

The warning about AI-induced job losses is the latest from Dimon, who has taken steps within JPMorgan Chase to move employees into new roles as automation accelerates. As AI continues to advance, big banks have already moved to reduce hiring.

The potential for AI to disrupt the job market has become a serious issue in Washington, with several lawmakers proposing efforts to monitor or limit the amount of job displacement from AI.

Sens. Josh Hawley, R-MO, and Mark Warner, D-VA, introduced a bill to require major companies and the federal government to report quarterly on AI job losses.

New one white house policy framework On AI Asked Congress to develop legislation to support workers in the AI ​​transition.