He believes the technology will affect nearly every aspect of the bank’s operations and business processes, from customer service to internal systems. In the long run, it will have an “extraordinary positive impact on productivity.”

“The pace of adoption will be far faster than in previous technological transformations such as electricity or the internet,” the executive noted.

 

Dimon also praised AI’s long-term potential for the labor market, scientific research, and overall quality of life in developed countries.

“I do not think it is an exaggeration to say that AI, in addition to many other positive outcomes, will help cure some cancers, create new composite materials, and reduce deaths caused by accidents,” said the head of one of the world’s largest banks.

 

Among the risks of the technology, Dimon pointed to deepfakes, the spread of disinformation, and cybersecurity threats.

“But these can be managed if companies, regulators, and governments are prepared. The right approach requires thoughtful preparation in advance, honest assessment, and the discipline to fix what is broken without destroying what works,” he said.

Investment and unemployment

Dimon’s letter comes amid rising JPMorgan investment in the artificial intelligence sector. In February, the bank said it plans to spend $19.8 billion on the technology.

That figure points to a sharp increase in spending by the financial giant compared with 2025. In October, Dimon said the institution was spending around $2 billion on AI initiatives.

In the letter, the executive also addressed the issue of job losses caused by large language models. According to him, the technology will reshape the labor market as companies automate a growing number of tasks.

“AI will eliminate some jobs, while making others more efficient. Our company will have clear plans to support and redeploy affected employees,” Dimon wrote.

 

Concern over job cuts is intensifying as AI capabilities continue to grow.

In January, Anthropic CEO Dario Amodei warned that the rapid development of neural networks could outpace the ability of labor markets and social institutions to adapt.

He said the transformation would take place within “a few years, not decades.” He also reaffirmed his earlier forecast that AGI could arrive by 2026 or 2027.

OpenAI’s plan

OpenAI has published a document titled Industrial Policy for the Intelligence Age: Ideas to Keep People First, in which it outlines policy steps for the era of advanced AI.

The company says the technology is moving from narrowly focused systems toward tools capable of handling a broader range of tasks and, eventually, toward “superintelligence.” The benefits could be enormous: higher productivity, cheaper goods, faster scientific progress, and advances in medicine. However, without a new policy framework, the risks of concentrated wealth, job displacement, abuse, and weakened democratic oversight will also grow.

The authors of the paper argue that the transition to highly powerful AI will require a new industrial policy in which governments, businesses, and institutions expand access to the technology while reducing its risks.

Among the proposals:

  • give workers a voice in how AI is introduced in workplaces;

  • help people turn professional expertise into new companies;

  • ensure broad access to foundation models so that schools, libraries, small businesses, and low-income communities are not cut off from opportunity;

  • transform the tax base by relying more heavily on taxes on capital and corporate income, and by introducing forms of taxation linked to labor automation;

  • create a public wealth fund that would give every citizen a stake in the growth generated by AI;

  • accelerate the construction of power grids and other infrastructure needed for AI;

  • introduce a four-day workweek without cutting pay, along with larger pension contributions;

  • make the social support system more adaptive by tracking AI’s impact on employment, wages, and job quality, while activating temporary support measures such as expanded benefits, cash payments, and training vouchers.

OpenAI believes that as automation expands, sectors where human contact remains especially important, such as education and healthcare, will become even more valuable. The company suggests developing these fields as pathways for workers displaced by AI.

Artificial intelligence is rapidly transforming the economy, boosting productivity while simultaneously increasing risks for the labor market and security. To mitigate negative consequences, a new policy framework is needed to balance innovation with social protection. In the coming years, the key factor will be how effectively governments and businesses adapt to these changes.