JPMorgan CEO Jamie Dimon strongly defended the bank’s rising spending on technology — particularly artificial intelligence — during its latest earnings call, saying the investments are critical to keeping the company competitive in a rapidly changing financial world.
Dimon explained that JPMorgan is no longer just competing with other major Wall Street banks, but also with fast-growing fintech companies like Stripe, SoFi, and Revolut, which he described as serious and capable rivals. He said the bank’s strategy isn’t about hitting short-term cost targets, but about making sure JPMorgan doesn’t fall behind in the next decade.
“We’re not going to try to meet some expense number today and then, 10 years from now, be asked how we got left behind,” Dimon said, emphasizing that long-term positioning matters more than near-term savings.
His comments came after JPMorgan revealed plans to increase expenses by nearly $10 billion in 2026 compared to 2025. A major driver of that growth is technology investment, as the bank continues to expand its use of AI across areas like fraud detection, customer service, trading, and internal operations.
JPMorgan already spends around $18 billion a year on technology, making it one of the biggest tech investors in the financial industry. Dimon said that level of spending is necessary to stay ahead as finance becomes more digital and data-driven, warning that companies that hesitate on AI risk being overtaken by faster, more innovative competitors.
In short, Dimon’s message was clear: in an era where banking and technology are merging faster than ever, JPMorgan sees aggressive investment in AI not as a luxury — but as a requirement for survival.