The rapid pace of AI development is causing significant disruption to the job market. Job losses in the IT sector have already begun, with companies increasingly deploying advanced AI models capable of handling tasks that once required technical expertise.
On the other hand, Sam Altman has warned about the possibility of superintelligence operating out of data centers that could surpass human intellectual capacity. In such a situation, millions of jobs could be under threat from AI-driven automation, according to industry estimates.
Talking about the concerns of AI-led displacement, JPMorgan Chase CEO Jamie Dimon, in a recent interview with Fortune Magazine, said that the US government should start looking for alternative solutions to provide gainful employment to people who may lose their jobs in the near future.
JPMorgan CEO gives a solution for AI-driven unemployment
At a company meeting on Tuesday, Jamie Dimon told investors that the United States government must start preparing for AI-driven job displacement. He said his company was not going to put its “head in the sand” when it comes to AI-driven change. Although the company is heavily involved in deploying the latest AI models, he emphasized that the government should start planning immediately to tackle potential large-scale unemployment.
“I’m not predicting [it] can be a problem. I’m simply saying now’s the time to start thinking about what you do if it does,” Dimon said. For instance, JPMorgan has “huge redeployment” plans through which it is helping employees affected by AI transition into other roles within the organization.
“We have displaced people from AI,” Dimon said, “And we offer them other jobs. They are usually well-trained and highly talented, very good at things.”
In light of the AI wave, he proposed that private businesses, along with the government, should phase in change incrementally by providing income assistance, retraining, and relocation support through a well-defined system.
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Dimon further implied that if mass job losses occur without a plan, it would reflect poorly on society. Notably, Dimon earlier commented at the World Economic Forum meeting in Davos, Switzerland, earlier this year that he would welcome government restrictions on mass AI layoffs if necessary.
Amid Sam Altman’s warning about superintelligence, and the recent developments around Anthropic’s work on modernizing legacy COBOL systems, which reportedly unsettled IBM’s stock, AI is forcing companies to rethink how they operate, pushing them beyond traditional core competencies as automation increasingly reshapes the workforce. It might also be time for the government to step in and look out for the people whose jobs are under threat due to the AI revolution.
