Jamie Dimon isn't worried AI will take down banks
JPMorgan Chase's CEO, Jamie Dimon, isn't losing sleep over the idea that AI will take down big banks.
Even after a research report warned that AI could shake up payments and hurt bank stocks, Dimon says he sees tech as more of an opportunity than a threat for JPMorgan.
Report hits bank shares
After the report dropped, shares of major banks like JPMorgan, Citigroup, and Morgan Stanley slid over 4%, with payment giants like Amex and Mastercard also taking hits.
Dimon admitted fintechs like PayPal and Revolut are ahead in digital payments but pointed out that JPMorgan is stepping up its game.
JPMorgan's tech budget gets a boost
The bank just bumped its tech budget to nearly $20 billion for 2026—a 10% jump—with $1.2 billion going straight into things like AI-powered call centers and smarter engineering tools.
While it's tricky to pin down exactly how much money machine learning brings in, Dimon says returns on AI are hard to quantify but that JPMorgan will use technology to compete and has asked investors to "trust him" on spending.