Jamie Dimon
(Bloomberg) — Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing artificial intelligence technology, and saves about the same amount annually from the investment.
Most Read from Bloomberg
“We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” the bank’s chief executive officer said Tuesday in a Bloomberg TV interview.
Dimon has consistently touted the opportunities offered by AI, even if it eliminates some jobs. He has said his bank already has hundreds of use cases for the technology, which will likely grow, and has touted its ability to help humans cure cancer and move to shorter work weeks.
WATCH: JPMorgan CEO Jamie Dimon discusses how the company has benefited from money spent on artificial intelligence.Source: Bloomberg
In a letter to shareholders last year, Dimon likened AI technology to the “printing press, the steam engine, electricity, computing and the internet.”
The New York-based bank has thousands of employees working on AI, and Dimon has said previously that the technology will be embedded in every one of the company’s processes, including trading, research, equity hedging and customer service, often as a sort of co-pilot.
AI is likely to make dramatic improvements in workers’ quality of life, but as with every new technology, some jobs will also be lost, Dimon said in the letter.
(Updates with Dimon’s previous comments on AI, starting in the fourth paragraph.)
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.