Source: Fortune
Summary
Bank of America CEO Brian Moynihan says that while AI will be disruptive in the banking industry, it won’t lead to massive unemployment. He cites the example of the US labor force growing from 80 million to 160 million between 1969 and 2019, despite technological advancements. Moynihan and JPMorgan’s Jamie Dimon are optimistic about AI’s potential to improve lives, but also acknowledge the need for retraining and support for workers who may be displaced. A Pew Research study found that 52% of workers are worried about AI’s impact on their jobs.
Our Reading
The numbers tell one story.
Moynihan and Dimon downplay AI’s job-killing potential, but acknowledge its disruption. They advocate for retraining and support for workers. Bank of America and JPMorgan are already using AI in trading groups. Moynihan sees AI as an “augmentation of human capabilities” that will affect both junior and senior employees.
Moynihan’s optimism is a familiar tune in the tech industry.
Author: Evan Null
