Jamie Dimon Says AI Will Eliminate Jobs, ‘It Is What It Is’ — But Warns Cutting … – Yahoo Finance

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For workers wondering how far artificial intelligence could go, JPMorgan Chase CEO Jamie Dimon has a straightforward answer — AI is going to change the job market, whether people are ready for it or not. Some jobs will disappear, others will change and new ones will likely emerge. But Dimon warned that the speed of that transition could matter just as much as the technology itself.

“As a business person, my view is don’t put your head in the sand,” Dimon said at the World Economic Forum’s annual meeting in Davos, Switzerland, in January. “It is what it is. We’re going to deploy it. Will it eliminate jobs? Yes. Will it change jobs? Yes. Will it add some jobs? Probably.”

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Dimon was responding to a question about whether AI could have a major impact on the labor market, including the possibility that half of all entry-level white-collar jobs could disappear within one to five years. Rather than predicting exactly how many jobs will be lost, he focused on what businesses and governments should do if the technology moves faster than workers can adapt.

“You can hope for the world you want, but you’re gonna get the world that you got and your competitors are gonna use it and countries are gonna use it,” Dimon said.

He also warned that AI could move “too fast for society.” If that happens, he said, government and businesses may need to work together to retrain workers, help people relocate and provide income assistance during the transition.

Dimon pointed to Trade Adjustment Assistance, a federal program designed to help workers who lose their jobs because of trade, as an example of what was supposed to happen. But he said the program was “incredibly poorly done” in the U.S. and “did not work.” This time, he said, the goal should be to have a plan that actually works.

The $150,000-$25,000 Pay Cut

Dimon then offered a hypothetical example involving one of the jobs that could eventually be affected by AI — truck driving.

There are 2 million commercial trucks in the U.S., Dimon said, and AI could eventually make it possible to operate trucks with the push of a button. The technology could save lives, make transportation faster and reduce carbon emissions. But that doesn’t mean the transition should happen overnight.

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“And should you do it all at once if 2 million people go from driving a truck making $150,000 a year to a next job that might be $25,000?” Dimon asked. “No. You’ll have civil unrest. So therefore, phase it in.”

The $150,000 and $25,000 figures were hypothetical examples Dimon used to illustrate the potential economic shock of a rapid transition. He wasn’t saying those are the actual average salaries for truck drivers or their next jobs.

You Can’t Lay Off 2 Million Truckers Tomorrow

For Dimon, the answer isn’t to stop AI. It’s to give workers and communities time to adjust.

“Just tell them you can’t layoff 2 million truckers tomorrow. You can phase it in over time,” Dimon said.

He suggested that some of the response could happen at the local level, with incentives for companies to retrain workers, slow down the transition where necessary and provide income assistance.

At JPMorgan, Dimon said the bank isn’t going to eliminate its workforce overnight because of AI. But when asked whether the company could have fewer employees in five years, he acknowledged that it could.

“Well, if we’re good, we’ll have, you know, we’re growing still around the world. But my guess is there’ll be fewer employees, yeah,” Dimon said.

Preparing For What You Can’t Predict

The broader lesson isn’t just about truck drivers or AI. Jobs can change for plenty of reasons, and workers don’t always get much warning before an industry, company or position is transformed.

That makes financial preparation important even when the exact risk is impossible to predict. Having a clear picture of income, expenses, savings, debt, insurance and long-term goals can make a major change easier to handle.

For people who want help making sense of those decisions, AdviserMatch can connect consumers with financial advisors based on their financial needs and goals. A financial professional can help someone look at the bigger picture and build a plan around the things they can actually control.

Nobody can predict exactly which jobs will disappear, which industries will change or what the next major disruption will look like. But people can prepare for the possibility that their financial circumstances may change.

Some things will always be outside a person’s control. Financial clarity isn’t one of them.

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This article Jamie Dimon Says AI Will Eliminate Jobs, ‘It Is What It Is’ — But Warns Cutting $150,000 Truck Driving Jobs To $25K A Year Would Bring ‘Civil Unrest’ originally appeared on Benzinga.com