Jamie Dimon says the next generation of workers will work 3.5 days a week and live to be 100 years old.

JPMorgan CEO Jamie Dimon is shrugging off doomsday pronouncements about what AI means for humanity — instead laying out how he sees the technology vastly improving businesses and the work-life balance of their employees.

Even Dimon—a fierce advocate of long-established career norms such as working hardbeing prepared for anything and works at the office— says future generations of workers could work a day and a half less each week thanks to AI.

In addition to the work week shrinking from five to three and a half days a week, Dimon also predicts that in the future the staff may live to be 100 years old.

Thousands of people at America’s largest bank are already using the technology, Dimon said Bloomberg TVadding that artificial intelligence is a “living breath” that will change over the course of history.

The technology could be used by JPMorgan for a wide range of areas – errors, trading, research and hedging to name a few – which no doubt illustrates the fear that AI will take the jobs of human counterparts.

Goldman Sachs predicts that approximately 300 million jobs will be lost to technology, with about one a quarter of the American workforce fear that in the future they will lose their roles to artificial intelligence.

But the advancement of technology is also something societies have struggled with before, Dimon pointed out, adding that with artificial intelligence and large language models, there are also huge opportunities to improve living standards.

“People need to take a deep breath,” Dimon said. “Technology has always replaced jobs. Your kids are going to live to be 100 and not have cancer because of technology, and literally, they’re probably going to work three and a half days a week.”

Employees could reduce their working hours, thanks to the technology used to automate some of their activities, McKinsey found in a report published last year.

The report also found that generative artificial intelligence and other emerging technologies have the potential to automate the tasks that currently take up 60% to 70% of workers’ time – adding between $2.6 trillion and $4.4 trillion to the global economy every year.

And while companies are still grappling with how quickly AI will transform their sector, arguments are already being made to reduce the number of days in the current work week.

ONE British study of 61 organisations, carried out by the University of Cambridge, saw a 65% reduction in sick days during a four-day working week, while 71% of employees said they had reduced levels of burnout. As a result, 92% of businesses on the program said they would hold a three-day weekend.

However, Dimon and McKinsey are not the first economic leaders to predict that technology will lead to a shorter work week. In a 1930 essay entitled “Financial opportunities for our grandchildren“, the economist John Maynard Keynes predicted that his grandchildren’s generation would work 15-hour weeks because of increased productivity. The current average in Keynes’s UK is 36.4 hours.

‘There are negatives’

Like many other thought leaders, Dimon is aware that technology can prove to be a powerful weapon if it falls into the wrong hands.

Echoes of concerns of individuals such as Apple co-founder Steve Wozniak and Microsoft co-founder Bill GatesDimon said, “Technology has done incredible things for humanity, but you know, planes crashing, drugs being misused — there are negative things.

“This one, the biggest negative in my opinion, is AI being used by bad people to do bad things. Think cyber warfare.”

Like Sam Altman, CEO of ChatGPT producer OpenAI, Dimon also says he hopes to see guardrails introduced to the sector, although he acknowledges it may take some time to be realized because the technology is relatively new.

The billionaire boss of the New York-based bank also noted that some employees’ lives will be disrupted by technology displacing their roles. At least in JPMorgan Chase’s case, Dimon said he hopes to “replace” any employees pushed out of a job by AI.

He drew comparisons with JPMorgan’s acquisition of First Republic in May 2023, when the latter bank fell victim to a wave of banking instability before agreeing to a $10 billion deal.

“At First Republic, we have offered jobs to 90% of the population. They accepted, but we also told them that some of these jobs are temporary. But we hire 30,000 people a year, so we expect to be able to get them a job somewhere locally in another department or another function if we can do that,” Dimon explained. “We will do that with any dislocation that takes place as a result of AI.”

A version of this story was originally published on Fortune.com on October 3, 2023.

This story originally appeared on Fortune.com