JPMorgan Chase CEO Jamie Dimon says artificial intelligence will impact virtually every function at the bank, from customer services to internal operations.
In his annual shareholder letter, Dimon described AI as a transformative force, faster than past innovations like electricity or the internet. He emphasized its potential to enhance productivity, cure diseases, and improve quality of life.
However, Dimon also warned of significant risks, including deepfakes, misinformation, and cybersecurity threats. "These risks are real, but manageable," he stated.
JPMorgan is investing heavily in AI as part of a $20 billion tech budget. In 2026, the bank plans to spend $19.8 billion on technology, including AI, data infrastructure, and cloud computing.
Dimon acknowledged that AI will eliminate some jobs but also create new ones. "We will have definitive plans to support and redeploy affected workers," he said.
As competition rises from fintech firms, JPMorgan intends to deploy AI strategically to serve customers and employees better.