- Jamie Dimon says AI has allowed JPMorgan to cut jobs by up to 40% in some areas, but it won’t dramatically shrink the bank’s overall costs or boost margins since competitors are adopting the same tech.
- The bank plans to hire more AI specialists (with a nearly $20 billion tech budget) and has almost 1,000 AI use cases, while many displaced staff have been offered other roles.
- JPMorgan’s CFO warned token/model costs could accelerate in H2 even though they’re trivial now — the bank still posted a strong quarter with $21.2 billion in net income, up 41% year-over-year.
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