JPMorgan CEO Announced $2.5bn Annual Benefit from AI Investments

• Jamie Dimon gave an interview in which he talked about the future of finance.
• He believes that AI, tokenization, and deregulation are introducing new rules of the game for global markets.
• In particular, JPMorgan invests $18 billion in technology every year and receives at least $2.5 billion in benefits.

Artificial intelligence (AI) and blockchain are becoming key elements of economic transformation, and the financial industry is undergoing the biggest technological upgrade in decades. This was stated by JPMorgan Chase CEO Jamie Dimon in an interview with Fox Business.

In addition, the bank’s CEO noted that JPMorgan Chase annually invests $18 billion in technology, half of which is spent on the development of new systems, security, cloud solutions, and machine learning optimization.

According to him, the bank is already receiving “at least $2.5 billion of benefit” due to increased process speed, reduced fraud, and cost optimization.

AI infrastructure is eating up record investments, from data centers to semiconductors. Dimon compared it to the early internet, noting that there will be winners and failures.

He stressed that artificial intelligence will become a powerful driver of economic efficiency:

Dimon emphasized that the current business caution about hiring is not related to technology:

At the same time, the transition can be painful:

In his view, people will have to develop “critical thinking, skills, EQ [emotional intelligence], communication and writing skills” to remain competitive.

Commenting on the transformation of the financial industry, Dimon said:

The bank is also working on a tokenised interest-bearing deposit and testing digital tools for faster international payments.

In November, JPMorgan Chase issued JPM Coin (JPMD), a so-called deposit token, on the Coinbase network.

At the same time, Dimon stressed that mass adoption requires transparent rules:

Dimon criticized the excessive regulation in the US, which he believes has “massively overburdened” the banking system and fueled the growth of private credit. He expects that with the easing of regulations, banks will be able to compete more actively with non-bank lenders.

Earlier, we wrote that JPMorgan Chase decided to allow bitcoin and Ethereum stocks to be used as collateral for loans.