While discussing AI with Bloomberg Television, JPMorgan Chase Chairman and CEO Jamie Dimon predicted that technology will shorten the next generation’s work week to three and a half days. Veuer’s Matt Hoffman reports.
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00:00 Is the five-day workweek headed for extinction?
00:02 JPMorgan Chase Chairman and CEO Jamie Dimon says yes.
00:06 While discussing AI with Bloomberg Television, Dimon predicted that innovation would continue
00:11 to bring about massive changes, saying "Your children will live to 100 and not have cancer
00:16 because of technology."
00:18 And literally, they'll probably be working three and a half days a week.
00:21 These comments reflect growing momentum for the idea of a shortened workweek in the wake
00:25 of the COVID-19 pandemic's disruption of traditional work practices.
00:29 The non-profit group 4-Day Week Global has been conducting pilot programs in the US and
00:34 UK and claims that they've been highly successful.
00:37 But it's far from clear that the benefits of technological advancement will be passed
00:40 on to workers.
00:42 According to the Economic Policy Institute, worker pay only increased by 17 percent from
00:47 1979 to 2021, despite a 65 percent increase in productivity.
00:53 And Dimon's prediction may not reflect his own preferences.
00:56 Earlier this year, JPMorgan Chase faced internal criticism for demanding its employees spend
01:01 more time in the office, specifically asking managing directors to clock in five days a