Dubai: Could a three-and-a-half-day workweek and living to 100 soon be realities?
Jamie Dimon, CEO of JPMorgan Chase, thinks so. Dimon is optimistic about the revolutionary impact of artificial intelligence (AI), predicting it will redefine work and life, not only by enhancing productivity but also by improving health outcomes and life expectancy.
In an interview with Bloomberg TV, Dimon said: “Your children are going to live to 100 and not have cancer because of technology. And literally, they’ll probably be working three-and-a-half days a week.”
AI and the future of work
Dimon foresees AI automating tasks that consume 60% to 70% of current working hours, potentially enabling shorter workweeks. JPMorgan, America’s largest bank, is already leveraging AI in areas like error detection, trading, research, and hedging. Dimon describes AI as a “living, breathing thing” that will evolve over time, presenting opportunities to improve work-life balance and living standards.
However, fears persist that AI could displace millions of jobs. A Goldman Sachs report estimates that 300 million jobs worldwide could be affected by AI, with a quarter of the American workforce concerned about losing their roles to automation. Dimon acknowledges these concerns but highlights society’s history of adapting to technological advancements.
“People have to take a deep breath,” he said. “Technology has always replaced jobs. The opportunities AI offers — like longer, healthier lives — far outweigh the challenges.”
Balancing AI’s benefits and risks
Despite his optimism, Dimon is cautious about AI's misuse. He notes that while technology has done “unbelievable things for mankind,” it can also have dire consequences when in the wrong hands. “Planes crash, pharmaceuticals get misused, and AI could be weaponised for cyber warfare,” he warned.
Dimon also recognises the disruption AI might cause in the workforce.
At JPMorgan, efforts are underway to mitigate these impacts by retraining and redeploying displaced employees. Citing the bank’s acquisition of First Republic in 2023, Dimon shared how 90% of employees retained their roles, with plans to place others in different functions if necessary.
