Jamie Dimon states that JPMorgan must invest in AI to avoid falling 'behind'

Jamie Dimon Stands by JPMorgan's Technology Investments

• Jamie Dimon spoke out in support of JPMorgan's substantial investments, particularly in technology, during the bank’s recent earnings call.

• He emphasized the importance of staying ahead of fintech competitors, declaring, "so help us God."

• For 2025, JPMorgan has set aside an estimated $18 billion for its annual technology budget.

During the Tuesday morning earnings call, JPMorgan Chase CEO Jamie Dimon justified the bank's aggressive spending on artificial intelligence and technology. He pointed out that the bank is not only competing with other major financial institutions but also with innovative fintech firms.

Dimon passionately stated, "We are going to stay out front, so help us God," in response to a question from Wells Fargo analyst Mike Mayo about the bank’s expenditures. He highlighted that JPMorgan faces competition not just from traditional Wall Street players, but also from fintech companies like Stripe, SoFi, and Revolut, which he described as formidable rivals.

He further remarked, "We're not going to chase arbitrary expense targets, only to be questioned a decade from now about why JPMorgan fell behind."

According to the bank’s fourth-quarter earnings presentation, JPMorgan expects its expenses in 2026 to rise by approximately $9.7 billion compared to 2025. This projection led to questions about the expected benefits of such increased investment. The bank continues to expand its use of artificial intelligence, supported by an annual tech budget of around $18 billion.

While Dimon declined to share detailed figures on future AI spending—citing competitive reasons—he expressed optimism about the opportunities AI presents. He acknowledged concerns regarding the scale of investment but maintained that these expenditures are essential for the company’s growth.

On the subject of returns, Dimon commented, "Part of it is to trust me, I'm sorry."

The CEO clarified that although AI will account for a larger share of spending, it is not the primary factor behind the overall increase in expenses. He expects, however, that technology will significantly enhance efficiency in the future.

Dimon also noted that while the bank is investing in a variety of initiatives, measuring the impact of technology spending can be challenging.

"We need to have the best tech in the world," he asserted. "That drives investment, it drives margin, it drives competition."

Recently, JPMorgan revealed it will stop using outside proxy advisors for shareholder voting in the US. Instead, the bank is introducing an internal AI-powered platform called Proxy IQ to assist with shareholder decisions, according to an internal memo.

AI Training and Talent at JPMorgan

JPMorgan has rolled out training programs and internal courses to help tens of thousands of employees integrate AI tools into their daily responsibilities, according to company executives.

Senior leaders at the bank have indicated that junior employees may gain their first management experience by overseeing the work of autonomous bots.

AI experts and technologists are now among the most in-demand professionals on Wall Street, as banks, hedge funds, and major tech firms compete for top talent in this field.

Industry specialists have told Business Insider that 2026 is expected to be a pivotal year for AI in banking, with broader adoption and significant changes to various roles across the industry.

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