The most powerful banker in America just revealed JPMorgan spends $2 billion annually on AI—and gets $2 billion back. 150,000 employees use their internal AI weekly. Here’s what he says about jobs, inflation, and the bull market nobody’s talking about.
The $2 Billion AI Experiment That Paid Off
Jamie Dimon doesn’t do hype. As CEO of JPMorgan Chase, the largest bank in America, he’s seen every tech trend come and go.
So when he says JPMorgan has been deploying AI since 2012—long before ChatGPT made everyone an AI expert—you should pay attention.
The investment: $2 billion per year. 2,000 people are working on it.
The return: $2 billion in measurable benefits.
Not projections. Not promises. Actual documented cost savings and productivity gains.
But here’s the part that should terrify—or excite—every white-collar worker: 150,000 JPMorgan employees use their internal AI tools every week.
What AI Is Actually Doing at JPMorgan Right Now
Forget the science fiction. Here’s what AI is already doing at one of the world’s most sophisticated financial institutions:
Operational tasks:
- Risk management and fraud detection
- Marketing and customer service
- Idea generation and research
- Contract scanning and summarization
- Report generation
The internal tool: JPMorgan has its own large language model (LLM). Employees use it to research, summarize reports, scan contracts, and handle tasks that used to require hours of manual work.
Usage isn’t optional or experimental. It’s embedded in how 150,000 people work every single week.
Dimon’s assessment? “It’s the tip of the iceberg.”
The Question Everyone’s Avoiding: What About Jobs?
Most CEOs dance around this. Dimon doesn’t.
“People shouldn’t put their head in the sand. It is going to affect jobs.”
Let’s break down his honest assessment:
Jobs that will be enhanced: Many roles will use AI to do the same job better. You’ll have AI assistance, but you’re still doing the work—just more efficiently.
Jobs that will be eliminated: Yes, some functions will simply disappear. Dimon admits this directly. The work either gets automated completely or consolidated into fewer roles.
JPMorgan’s strategy: Heavy investment in retraining and redeployment. If the company continues succeeding, there will be more total jobs—but fewer jobs in certain functions.
The key insight: “You’re better off being way ahead of the curve and retraining people.”
Translation: Don’t wait for AI to eliminate your role. Learn how to use it first.
The Cultural Shift That Matters More Than Technology
Here’s what separates companies winning with AI from those floundering:
It’s not about the technology. It’s about management mindset.
Dimon emphasizes that as managers and leaders learn how to deploy AI, they start asking better questions:
- “Why can’t we do X?”
- “Can AI handle Y?”
- “What are competitors doing that we could do better?”
The companies that figure out AI aren’t the ones with the biggest budgets. They’re the ones whose managers actively think about how to apply it to every business problem.
150,000 weekly users at JPMorgan didn’t happen by accident. It happened because leadership mandated exploration and deployment across every function.
The AI Infrastructure Bubble: $1 Trillion in Spending
When asked about the massive infrastructure spend—chips, OpenAI’s losses, hyperscale investments approaching $1 trillion this year—Dimon draws a historical parallel:
Remember the dot-com bubble?
Hundreds of companies worth $50 billion disappeared overnight. Massive losses. Spectacular failures.
But out of that wreckage came Facebook, YouTube, Google.
Dimon’s take: “There will be some real big companies, real big success. It will work in spite of the fact that not everyone investing is going to have a great investment return.”
The pattern repeats throughout history—cars, television, the Internet. Big technology shifts require enormous capital. Many investors lose. But the aggregate outcome is productive.
The winners emerging from this AI infrastructure bubble will likely define the next decade of technology.
The Three-Year Bull Market Nobody Wants to Talk About
Sunday marks three years of the current bull market. Asset prices are high. Credit spreads are low.
Dimon’s assessment? “So far, so good.”
The consumer still has jobs. And in Dimon’s framework, jobs are everything: “Jobs, jobs, jobs. What usually starts to force people to cut back is the consumer spending less.”
As long as employment stays strong, the bull market has legs.
But there’s a catch:
The Inflation Warning Wall Street Is Ignoring
Here’s where Dimon diverges from consensus.
Markets are pricing in about 100 basis points of rate cuts between now and next year. The assumption: inflation continues falling, the Fed cuts rates, everyone’s happy.
Dimon’s not buying it:
“I’m a little more nervous about inflation not coming down like people expect. That might be a surprise.”
His reasoning:
- Massive government spending (which is inherently inflationary)
- Potential stimulus in new legislation
- Geopolitical factors
- Deregulation boosting “animal spirits”
The Fed’s forecast? Probably wrong, according to Dimon. “Forecasts have almost always been wrong, and the Fed’s been wrong too.”
If inflation ticks back up, those 100 basis points of cuts become much harder to deliver.
The Government Shutdown: Why Dimon Says It Doesn’t Matter
With another U.S. government shutdown looming, markets seem unconcerned.
Dimon’s take? “I don’t like shutdowns. It’s a bad idea. I don’t care what the Democrats or Republicans say.”
But he’s also not worried about market impact. The U.S. has had four, five, or six shutdowns—one lasted 35 days—and none materially affected the economy or markets.
His general philosophy shines through: “Hope for the best, plan for the worst.”
Could there be a recession in 2026? Sure, it could happen. But Dimon’s not worried about it in the catastrophic sense. JPMorgan will serve clients and navigate through it. They’ve done it before.
The Dollar’s 8% Decline: Structural Shift or Rational Adjustment?
Year to date, the dollar is down about 8% on the Bloomberg Dollar Index. Meanwhile, gold hit $4,000 and Bitcoin reached record highs.
Is this a structural shift away from U.S. dollar dominance?
Dimon says: Not really.
His explanation is remarkably rational:
Foreigners own about $35 trillion in U.S. stocks and bonds. Because U.S. markets have done so well, their allocation to American assets has naturally increased.
“It’s perfectly reasonable for investment committees in Europe and around the world to cut back a little bit their equity ownership.”
People are also adjusting hedge ratios. It’s portfolio rebalancing, not a crisis of confidence.
Bottom line: “America is still the greatest place in the world to invest long term.”
The $20 Billion Deal That Signals a Shift in Dealmaking
JPMorgan recently provided $20 billion in financing for the takeover of Sitecore—and did it in 11 days.
Was this a shot across the bow at private credit?
Dimon’s answer: “We’re agnostic about private credit. We work for both.”
The speed wasn’t about making a statement to competitors. It was about serving the client efficiently.
But the broader point: Dealmaking is picking up.
- Lots of merger talk
- Significant firepower available
- IPO activity increasing (400 last year, tracking toward more)
- 800 companies at the conference vs. 400 last year
The innovation economy is thriving globally, with strong representation across tech and other sectors.
The Credit Warning Hiding in Plain Sight
JPMorgan data shows auto loans experiencing their biggest losses since March 2020.
Is this a canary in the coal mine?
Dimon’s assessment: Mostly just normalization.
Consumer credit was abnormally good coming out of the pandemic. Now it’s returning to historical patterns. Subprime auto is “a little bit worse than normalizing” but doesn’t appear to be deteriorating further.
The real drivers of consumer credit crises? Employment and home prices.
As long as those stay stable, credit issues remain manageable.
The Quarterly Earnings Debate: Why It’s Destroying American Business
The Trump administration is discussing changing quarterly earnings requirements. Dimon’s been vocal about this for years.
His position: “I would welcome it.”
The problem isn’t reporting quarterly—it’s forecasting quarterly.
When CEOs get backed against the wall having to meet quarterly earnings guidance, they start doing stupid things to hit numbers. Short-term thinking destroys long-term value.
The bigger crisis:
- U.S. had 8,000 public companies in 1996
- Today there are only 4,000
- “I’m not sure that’s good”
What’s killing public markets?
- Cookie-cutter governance
- Excessive litigation from activists
- Expensive listing requirements
- Endless disclosure rules
- Regulations that crush small companies
Dimon’s prescription: “If I was a regulator, I would take a step back and look at the whole system holistically and say, how can we improve it?”
Industrial Policy: When Government Investment Makes Sense
Dimon is a free market capitalist. But he acknowledges there are legitimate cases for government intervention—specifically around national security.
His example: MP Materials, a rare earth magnets and chip producer.
The government structure was smart:
- Long-term contract providing revenue certainty
- Helps the company survive the “valley of death”
- Government takes an equity position
- Strategic value beyond financial return
The caveat: “Be very careful when you get involved in that kind of stuff. Why are you doing it? What’s the long term benefit?”
His concern: If Democrats regain power, they’ll do even more industrial policy, potentially less thoughtfully.
The key to making it work:
- Streamlined permitting
- No virtue signaling
- Real commitment (free land, cheaper financing, long-term purchase agreements)
Why London Still Matters (And What the UK Needs to Do)
Dimon was speaking from the UK when this interview happened, and his assessment of London is surprisingly positive:
What London has:
- Extraordinary brainpower
- Not just finance—lawyers, technology, media
- A true melting pot
- Massive benefit to Europe and the UK
What the UK is doing right:
- Reducing red tape (“blue tape” in Dimon’s framing)
- Creating consolidated pension and savings schemes
- Encouraging more equity risk culture
- Trying to make business easier
His message to UK citizens: “They should applaud more than they do.”
For London to regain its position as a premier listing destination, it needs to continue reducing regulatory burden and creating an environment where companies want to go public.
The H-1B Visa Debate: Merit-Based Immigration
With proposed changes to H-1B visa fees, Dimon weighs in on attracting talent.
His take: The system was being abused. It wasn’t supposed to bring cheaper workers to increase profit margins—it was meant to bring highly talented people the U.S. doesn’t have domestically.
Dimon’s solution: “More merit-based.”
He recalls the President saying we should “stamp a green card on every person in this country who went to university or has advanced degrees and have them stay here and build their career.”
Dimon agrees: “That would be my belief. Make it easier for real merit-based immigration.”
For a company with 600,000 employees, this isn’t about H-1B dependency. It’s about long-term American competitiveness.
The Bottom Line
Jamie Dimon runs the most powerful bank in America. When he talks about AI, jobs, inflation, and markets, people listen.
His key messages:
✅ AI is already transforming work—150,000 JPMorgan employees use it weekly
✅ Jobs will be affected, but being proactive beats denial
✅ Inflation may not fall as much as markets expect
✅ The bull market continues, but asset prices are high
✅ America remains the best place to invest long term
✅ Quarterly earnings guidance destroys long-term thinking
✅ National security justifies some industrial policy
The subtext running through everything: Adaptability beats intelligence.
Companies, workers, and investors who adapt to AI, inflation risks, and changing market conditions will thrive.
Those who assume the future will look like the present will get blindsided.
Jamie Dimon is Chairman and CEO of JPMorgan Chase, the largest bank in the United States with $4 trillion in assets. He’s led the bank since 2005 and is widely regarded as the most influential voice in global banking.
