The banking crisis that manifested itself with its collapse Bank of Silicon Valley it has not ended, but on the contrary, its consequences will be visible for many years to come. This is his assessment. Jamie DimonCEO of his banking giant JPMorgan. However, despite his warning, Dimon clarified in his annual letter to the bank’s shareholders that the recent events have nothing to do with what happened in 2008 and are not a repeat. world financial crisis. According to Dimon in his 43-page letter, the Silicon Valley bank’s troubles were hidden in plain sight as US authorities encouraged the positions banks in government bonds. Given that they were considered safe and highly liquid, they came with very low capital requirements. After all, Silicon Valley Bank is owned by regional and small banks. USA which in any case are subject to more lenient rules. Worse, according to the banker, is that the US Federal Reserve has not done the necessary stress tests to study what the consequences of successive interest rate hikes will be.

At 67, Dimon is the only major bank executive to remain in office since the 2008 global financial crisis. In his letter, he calls artificial intelligence “excellent” and predicts that it will be critical to the future of JPMorgan.

The bank has already identified more than 300 uses for the technology and is looking for ways to empower its employees, including through the app. ChatGPT which literally caused upheavals in the sectors of the economy and academia. While AI is useful in areas such as product and service marketing and risk detection, it is critical to counter fraud and protect against bank and market attacks “because you can be sure the bad guys will use it.”