JPMorgan CEO says AI will transform banking faster than the internet era

Artificial intelligence is set to reshape banking, according to Jamie Dimon, who used his latest shareholder letter to outline how deeply the technology is expected to embed itself across JPMorgan Chase.

“The importance of AI is real, and while I hesitate to use the word transformational—it is,” Dimon wrote, adding that adoption could move far faster than past innovations such as electricity or the internet. 

Unlike those technologies, which took decades to scale, AI deployment “looks likely to accelerate over the next few years.”

Across JPMorgan, the integration effort is already underway, supported by rising technology investment. The bank expects to spend roughly $19.8 billion on technology in 2026, including artificial intelligence, data systems, and cloud infrastructure, according to a report by Business Insider. This figure builds on earlier commitments, with Dimon noting the firm had been allocating about $2 billion annually to AI initiatives as of late 2025.

“AI will affect virtually every function, application, and process in the company,” Dimon said, pointing to long-term gains in productivity. 

He also tied the technology’s reach to broader economic and scientific progress, writing that it could help “cure some cancers, create new composites, and reduce accidental deaths,” alongside other improvements in quality of life.

“We will not put our heads in the sand,” Dimon wrote. “We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees).”

Dimon also flagged threats tied to deepfakes, misinformation, and cybersecurity vulnerabilities, warning that missteps in handling the technology could carry lasting consequences. 

“These risks are real, but they are manageable if companies, regulators, and governments prepare,” he wrote, cautioning against both overregulation after early failures and complacency in the face of emerging threats.

“The worst mistakes we can make are predictable: overreact at the first serious incident and regulate out important innovation, or underreact and fail to learn from what went wrong.” 

He added that effective oversight would require preparation ahead of time and “discipline to fix what’s broken without destroying what works.”

AI could take away jobs

Besides the operational gains, AI’s effect on employment remains a central concern.

“AI will definitely eliminate some jobs, while it enhances others,” he wrote, adding that JPMorgan plans to redeploy affected workers where possible. 

Demand for skilled labor, particularly in areas such as cybersecurity and AI development, remains strong, even as routine tasks become more automated.

Concerns about job displacement have grown across the industry. Anthropic CEO Dario Amodei warned earlier this year that advances in AI could remove up to half of entry-level professional roles within five years. 

“I have engineers within Anthropic who say, ‘I don’t write any code anymore. I just let the model write the code, I edit it,’” he said at the time. “We might be six to 12 months away from when the model is doing most, maybe all, of what [software engineers] do end-to-end.”

Meanwhile, OpenAI recently called on governments to prepare for economic disruption tied to automation, urging new approaches to taxation, worker protections, and social support systems as AI adoption expands.