In an earnings call Tuesday morning, JPMorgan Chase CEO Jamie Dimon defended the bank’s large spending, particularly on AI and technology, noting that it competes not only with other big banks but also with fintech companies.
Dimon ended his rather fiery response to a question from Wells Fargo analyst Mike Mayo about the bank’s spending by saying, “We’re going to keep coming forward, so God help us.” He said the company competes not only with traditional Wall Street rivals, but also with fintech companies such as Stripe, SoFi and Revolut, which are “great players.”
He added: “We’re not going to try to hit some expense targets, and 10 years from now we’re going to have questions about how JPMorgan got left behind.”
JPMorgan said in its fourth-quarter earnings call that it expects spending to be about $9.7 billion higher in 2026 than in 2025, raising questions about the expected return on increased spending. With an annual technology budget of about $18 billion, JPMorgan has been ramping up artificial intelligence technology across the company.
Dimon didn’t go into detail about future AI spending — he’s already been “pretty candid” — and said he won’t provide information that risks putting him at a “competitive disadvantage” — but he said he sees big opportunities, including in AI. Although he acknowledged concerns about the large spending, he said it was the right thing to do to grow the company.
“I’m sorry, but sometimes you have to trust me,” Dimon said of the expected returns.
The bank will increase its spending on AI, he said, but it is “not a major driver” of the spending increase. However, he said the technology is likely to increase efficiency in the future.
Dimon said the bank is investing in a variety of initiatives, but technology spending can be difficult to measure and evaluate.
“We need to have the best technology in the world,” he continued. “That drives investment, it drives margins, it drives competition.”
JPMorgan last week announced plans to stop using outside proxy advisors for shareholder votes in the United States. Instead of external human advisors, the company is launching an in-house AI platform called . Proxy IQAccording to the memo, to support shareholder decisions.
JPMorgan has implemented training programs and internal courses to teach tens of thousands of employees how to effectively use AI tools in their daily work, executives previously said.
Bank executives said junior employees are likely to gain their first experience in management by overseeing the activities of agent bots.
Artificial intelligence experts and technologists are among the most sought-after talent on Wall Street, with banks, hedge funds and Big Tech in a race to acquire top talent in the field.
Experts told Business Insider in recent days that they expect 2026 to be a breakthrough year for AI in banking, as its adoption becomes more widespread and its role changes significantly.
