Jamie Dimon Says AI Will Impact 'Virtually Every Function' at JPMorgan Chase

In brief

• JPMorgan CEO Jamie Dimon says AI will affect nearly every function at the bank.
• He predicts the technology will boost productivity, but eliminate some jobs.
• JPMorgan is spending billions on AI as part of a nearly $20 billion tech budget.

Artificial intelligence will reshape banking, work, and parts of the global economy, JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter, describing the technology as a fast-moving shift that will impact nearly every part of the bank’s operations.

“The importance of AI is real, and while I hesitate to use the word transformational—it is,” Dimon wrote. “The pace of adoption will likely be far faster than prior technological transformations, like electricity or the internet. Those took decades to roll out, but this implementation looks likely to accelerate over the next few years.”

Dimon said the technology will influence nearly every business process at the largest U.S. bank, from customer-facing services to internal systems used by employees.

“AI will affect virtually every function, application, and process in the company,” he wrote, adding that in the long run, “it will have a huge positive impact on productivity.”

Dimon also praised AI’s potential long-term effects on work, scientific research, and overall quality of life in the developed world.

“I do not think it is an exaggeration to say that AI will cure some cancers, create new composites, and reduce accidental deaths, among other positive outcomes,” he wrote.

Despite these benefits, Dimon also warned that the technology introduces new risks, pointing to deepfakes—or digitally altered images that look real—along with the spread of misinformation and cybersecurity threats.

“These risks are real, but they are manageable if companies, regulators, and governments prepare,” he wrote. “The worst mistakes we can make are predictable: overreact at the first serious incident and regulate out important innovation, or underreact and fail to learn from what went wrong.”

The right approach, he added, requires “rigorous preparation in advance, an honest assessment when things go wrong—and they will—and discipline to fix what's broken without destroying what works.”

Dimon’s letter comes as JPMorgan has expanded its artificial intelligence capabilities and investment, and the company’s technology spending reflects that push. In February, JPMorgan said it expects to spend roughly $19.8 billion on technology in 2026, including investment in artificial intelligence, data infrastructure, and cloud computing, according to a report by Business Insider.

This figure represents a sharp increase by the banking giant since 2025. In October, Dimon said the bank spends about $2 billion annually on artificial intelligence initiatives.

In his letter, Dimon also raised the specter of job losses caused by AI, saying that the technology will change the labor market as companies adopt automation across more tasks.

“AI will definitely eliminate some jobs, while it enhances others. Our firm will have definitive plans on how we can support and redeploy our affected workforce,” he said. “AI will create many jobs—some we can see today in cybersecurity and AI itself, and some we can’t see. But we do know that there is a huge workforce shortage for many well-paying white- and blue-collar jobs.”

Concerns about AI-driven job losses have intensified in recent months as industry leaders warn the technology could reshape white-collar work faster than previous waves of automation.

In January, Anthropic CEO Dario Amodei said advances in artificial intelligence could eliminate up to half of entry-level professional jobs within five years as systems increasingly take over tasks such as coding, research, and data analysis.

“I have engineers within Anthropic who say, ‘I don’t write any code anymore. I just let the model write the code, I edit it,’” he said at the time. “We might be six to 12 months away from when the model is doing most, maybe all, of what [software engineers] do end-to-end.”

On Monday, OpenAI added to the debate by releasing a policy paper urging governments to prepare for economic disruption from advanced AI and calling for new approaches to taxation, worker protections, and social support if automation leads to widespread job displacement.

Despite these risks, Dimon said JPMorgan intends to continue deploying artificial intelligence throughout its operations as competition increases from fintech companies and other technology-driven financial services firms.

“We will not put our heads in the sand. We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees),” he wrote.