Jamie Dimon Says AI Will Affect ‘Almost Every Job’ at JPMorgan Chase

Artificial intelligence will also revolutionize banking, services, and financial sectors around the world, JPMorgan Chase CEO Jamie Dimon said in his annual earnings call. letterdescribing technology as a rapid change that will affect almost every aspect of banking operations.

“The importance of AI is real, and I hesitate to use the term revolutionary — it is,” Dimon wrote. “The pace of adoption is going to be faster than any previous technological change, like electricity or the Internet. This took decades to happen, but it looks set to accelerate in the next few years.”

Dimon said the technology will affect almost every business at a major US bank, from customer-facing operations to internal systems used by employees.

“AI will affect almost every job, function, and company process,” he wrote, adding that ultimately, “it will have a positive impact on productivity.”

Dimon also praised AI’s potential long-term impact on jobs, scientific research, and life in the developed world.

“I don’t think it’s an exaggeration to say that AI will cure some cancers, develop new tools, and reduce accidental deaths, among other positive outcomes,” he wrote.

Despite these benefits, Dimon also warned that the technology poses new risks, pointing to deep data—or digitally altered images that appear real—along with the spread of fake news and cyber security. threats.

“These risks are real, but they can be managed if companies, regulators, and governments are prepared,” he wrote. “The biggest mistakes we can make are obvious: getting too excited about a big event and trying to improve, or ignoring it and failing to learn from what went wrong.”

The right approach, he added, requires “careful planning, honest assessment when things go wrong—and they will—and discipline to fix what’s broken without destroying what works.”

Dimon’s letter comes as JPMorgan has ramped up its intellectual property and investment funds, and the company’s spending on technology reflects that push. In February, JPMorgan said it expected to spend more $19.8 billion in technology in 2026, including investments in artificial intelligence, data infrastructure, and computing, according to a report by Business Insider.

This number represents the largest increase in the banking giant since 2025. In October, Dimon said that the bank spends approx. $2 billion every year in artificial intelligence.

In his letter, Dimon also raised concerns about job losses due to AI, saying the technology will change the job market as companies take automation into many jobs.

“AI will eliminate some jobs, while it will improve others. Our company will have concrete plans on how to support and restore affected employees,” he said. “AI will create many jobs, some of which we see today in cyber security is just AI, and some we cannot see. But we know that there is a huge shortage of well-paid white and blue collar workers.”

Concerns about AI-driven job losses have grown in recent months as industry leaders warn that the technology could redefine white-collar work faster than previous waves.

In January, CEO of Anthropic Dario Amodei he said Advances in artificial intelligence could eliminate up to half of professional jobs in the next five years that involve tasks such as coding, research, and data analysis.

“I have engineers within Anthropic who say, ‘I’m not writing any code anymore. I’m just letting the designer write the code, and I’m going to make changes,'” he said at the time. “We may have six to 12 months for the brand to do most, if not all, of what (software engineers) do on the back-end.”

On Monday, OpenAI added to the debate by releasing a policy paper to encourage governments to prepare for economic disruption from advanced AI and call for new ways of taxing, worker protection, and social assistance as automation leads to the spread of jobs.

Despite these risks, Mr. Dimon said JPMorgan intends to continue using artificial intelligence throughout this period as competition increases from fintech companies and other technology-driven financial services companies.

“We will not bury our heads in the sand. We will deploy AI, while using all the latest technology, to do a better job for our customers (and employees),” he wrote.