(Bloomberg) -- JPMorgan Chase & Co. expects that its newest recruits will help the Wall Street bank develop the use of artificial intelligence throughout its ranks.
“Many of them are on the forefront of how they’re going to help us to deploy AI in the jobs,” Mary Callahan Erdoes, who runs JPMorgan’s asset- and wealth-management unit, said in a Bloomberg Television interview Thursday. The latest group of recent college graduates joined the bank last month. “This is the generation of people that has grown up with it, in a way that many others have not. So it’s very natural for them not to ask a question on Google search, but actually to use AI as their own assistant or analyst beside them.”
JPMorgan rival Citigroup Inc. recently estimated that AI could add $170 billion to the banking industry’s coffers by 2028 as well as displace more jobs in the sector than any other, with 54% of roles having a high potential to be automated.
JPMorgan doesn’t expect AI to replace many jobs at the bank, but to boost productivity and mostly take away “no-joy work,” Erdoes said. “And we’re already seeing very early signs of that.”
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