<\/p>\n
Jamie Dimon<\/p>\n
(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.<\/p>\n
Most Read from Bloomberg<\/p>\n
\u201cWe know that it\u2019s got to billions of cost savings and I think it\u2019s the tip of the iceberg,\u201d the bank\u2019s chief executive officer said Tuesday in a Bloomberg TV interview.<\/p>\n
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.<\/p>\n
WATCH: JPMorgan CEO Jamie Dimon discusses how the company has benefited from money spent on artificial intelligence.Source: Bloomberg <\/p>\n
In a letter to shareholders last year, Dimon likened AI technology to the \u201cprinting press, the steam engine, electricity, computing and the internet.\u201d<\/p>\n
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\u2019s processes, including trading, research, equity hedging and customer service, often as a sort of co-pilot.<\/p>\n
AI is likely to make dramatic improvements in workers\u2019 quality of life, but as with every new technology, some jobs will also be lost, Dimon said in the letter.<\/p>\n
(Updates with Dimon\u2019s previous comments on AI, starting in the fourth paragraph.)<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"Jamie Dimon (Bloomberg) — Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing…\n","protected":false},"author":2,"featured_media":59750,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[345,343,344,1877,3385,85,46,4774,1579,125],"class_list":{"0":"post-59749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-bloomberg","12":"tag-bloomberg-tv","13":"tag-il","14":"tag-israel","15":"tag-jamie-dimon","16":"tag-jpmorgan-chase-co","17":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/59749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=59749"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/59749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/59750"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=59749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=59749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=59749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}