JPMorgan Chase CEO Jamie Dimon said in his annual letter to shareholders on Tuesday that the deposit crisis rattling the banking industry is 'not yet over,' and could affect the financial services sector 'for years to come.'
Although the broader banking industry panic has receded, the fallout will continue, Dimon said in his missive to JPMorgan shareholders."As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come."By contrast, Dimon cautioned against a heavy-handed regulatory response to the bank failures.
"Major investment banks, Fannie Mae and Freddie Mac, nearly all savings and loan institutions, off-balance sheet vehicles, AIG and banks around the world — all of them failed. This current banking crisis involves far fewer financial players and fewer issues that need to be resolved."Dimon also detailed how JPMorgan is investing in advanced artificial intelligence tools such as ChatGPT.
To that end, JPMorgan has assembled a group of more than 900 data scientists specializing in AI and 600 engineers with expertise in machine learning. "We're imagining new ways to augment and empower employees with AI through human-centered collaborative tools and workflow, leveraging tools like large language models, including ChatGPT," Dimon said.
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