Next generation will work 3.5 days a week? Morgan Stanley CEO says AI is to thank for this.

Morgan Stanley CEO Jamie Dimon predicts that the next generation's working hours can be significantly reduced due to the widespread application of artificial intelligence (AI).

On Monday, October 2nd, Eastern Time, Dimon told the media that despite AI leading to some layoffs, he remains optimistic about AI and believes that AI could greatly improve the quality of life for workers, such as their health levels and reduced working hours. He said:

"Because of AI, your children can live to be 100 years old without getting cancer. In fact, they may only work three and a half days a week."

Dimon revealed that Morgan Stanley already has thousands of employees using AI and stated that AI is "crucially important for our company's future success." He previously mentioned that AI can be used to help Morgan Stanley develop new products, drive customer engagement, increase productivity, and strengthen risk management.

However, Dimon also mentioned the risks associated with AI. He stated that technology can indeed do incredible things for humanity, but it also has negative impacts, just like the possibility of plane crashes or drug abuse. "In my opinion, the biggest negative impact of AI is when bad people use it for bad purposes."

Dimon also acknowledged that AI may lead to job losses, but this issue has always existed with new technologies.

Prior to Dimon's speech, another Wall Street tycoon, Ray Dalio, the founder of Bridgewater Associates, the world's largest hedge fund, also commented on the positive and negative impacts of AI.

Dalio stated that AI will soon become a "major disruptive force" in all of our lives and that changes could occur within the next year, bringing both positive and negative effects.

He mentioned that AI will help people make significant progress in productivity, education, healthcare, and even potentially lead to a three-day workweek. However, he also mentioned that AI may "destroy jobs," which could become a reason for employees and legislators to support or slow down the development of AI.

Wallstreetcn previously reported that Wall Street is undergoing an AI revolution, with major players embracing AI technology.

In March of this year, OpenAI announced six use cases when releasing GPT-4, including Morgan Stanley Wealth Management (MSWM) using GPT-4 to organize and mobilize its knowledge base for clients. Morgan Stanley claimed to be the "only wealth management strategic client that can use OpenAI's new products in advance" at the time, and its wealth management department will be using GPT-4.

Marco Argenti, Goldman Sachs' Chief Information Officer, stated in the same month that their developers are internally testing generative AI tools to assist them in coding. He mentioned that this is currently in the "concept validation" stage and is not yet ready for production. In May, it was reported by the media that JPMorgan Chase is developing a software service similar to ChatGPT. They have applied for a trademark registration for a product called "IndexGPT", which will utilize AI-supported cloud computing software to analyze and select securities that meet the needs of their clients.

Lori Beer, the Global Chief Technology Officer of JPMorgan Chase, stated that the bank has already hired 1,500 data scientists and machine learning engineers and is testing the GPT technology for "multiple use cases".

Despite the downsizing in trading due to the market downturn, JPMorgan Chase is accelerating its talent recruitment in the field of AI.

According to data from consulting firm Evident, from February to April this year, JPMorgan Chase recruited 3,651 AI-related positions worldwide, which is twice the number of positions recruited by the other two major banks on Wall Street, Citigroup and Deutsche Bank.

In early June, Evident's statistics showed that approximately 40% of the recruitment in US banks involved AI-related positions, including data engineers, quantitative trading analysts, and positions related to ethical review of AI.

Eigen Technologies, a company that provides AI-related technical support to investment banks such as Goldman Sachs and ING, stated that in the first quarter of this year, the consulting volume from major banks was five times that of the same period last year.