If you’re wondering whether JPMorgan’s tech investments are paying off, here’s Jamie Dimon’s answer. “Trust me.”
The CEO responded to a question about the bank’s ROI: Technology budgets continue to grow At JPMorgan’s fourth quarter results conference. The bank expects to spend about $9.7 billion more this year than in 2025.
He won’t be the last executive forced to spend on technology and AI. The quiet concerns that began last year about large-scale AI investments will escalate into loud protests in 2026.
Mr. Dimon wasn’t simply seeking blind faith from shareholders. Discussing the threat posed by peers and fintechs, he said spending on technology and AI is far more important than “meeting some spending goals.”
(In fact, JPMorgan ranks among the best on all of Wall Street when it comes to AI maturity. According to Evident’s AI Index. )
Other companies will defend their AI spending with similar arguments, although the participants may be different. Any money I don’t spend is money my competitors are willing to spend, and that can be the difference between winning and losing.
I’m not an advocate of FOMO-inspired spending, but I can see the rationale. I think it’s better to leave the AI war than not participate at all.
There’s another conflict that JPMorgan doesn’t want to get involved with.
The bank’s chief financial officer spoke about President Donald Trump’s proposed cap on credit card interest rates. JPM could be forced to completely rethink its business.
The latest company to watch President Trump’s proposaland that’s a big thing. JPMorgan’s card services revenue was about $360 billion last quarter.
Opponents of President Trump’s pitch argue that capping credit card interest rates would be counterproductive. If lenders cannot charge higher interest rates to riskier borrowers, they will simply limit the credit they offer rather than lower rates.
And it’s not like people do stop borrowing. (This is America, after all.) They just look for alternatives. Take out more personal loanscould be in 2026 It’s a big year for financial players like SoFi..
