""We are going to stay out front, so help us God," Dimon said about the expenditures, capping off a somewhat fiery response to a question on the bank's spending from Wells Fargo analyst Mike Mayo. He said that the firm's not only competing against its traditional Wall Street rivals, but also fintechs like Stripe, SoFi, and Revolut, which "are good players.""
"Dimon didn't give specifics on the upcoming AI spending - he said that he's already "been quite blunt," but wouldn't provide information that risk putting him at "a competitive disadvantage" - but said he sees huge opportunities, including in AI. While he acknowledged concerns about big spending, he said that it's the right thing to do to grow the company."
Jamie Dimon defended JPMorgan's sizeable technology and AI expenditures as necessary to keep the bank ahead of both traditional rivals and fintech competitors like Stripe, SoFi and Revolut. JPMorgan projected roughly $9.7 billion more spending in 2026 versus 2025 and maintained an annual technology budget near $18 billion in 2025. Dimon declined to detail specific upcoming AI investments to avoid creating a competitive disadvantage but said he sees substantial opportunities in AI. He acknowledged concerns about large spending but insisted increasing investment is the right way to grow the company and preserve leadership.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]