Jamie Dimon Reportedly Says JPMorgan Is Saving Billions Thanks To AI: ‘I Think It’s The Tip Of The Iceberg’

JPMorgan Chase & Co. (JPM) CEO Jamie Dimon reportedly stated on Tuesday that the bank is saving billions in costs thanks to artificial intelligence.

In a Bloomberg interview, Dimon stated that JPMorgan spends $2 billion annually on developing its own AI technology, and that it saves nearly the same amount each year. “We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” Dimon said.

JPMorgan’s shares were down nearly 1% in Tuesday’s midday trade. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory.

When asked which parts of JPMorgan would be the most transformed by AI, Dimon said the bank has “been doing AI since 2012. People think it’s a new thing… GenAI (generative AI) is kind of new, but not all of it.” He added that JPMorgan currently has 2,000 people working on AI technology development at the bank.

“It affects everything. Risk, fraud, marketing, idea generation, and customer service. We’re freely deploying it, and safely. We have a lot of rules and regulations in place for our own data and how we use it,” Dimon added in the interview, explaining how the bank is making use of AI across its business.

The JPMorgan CEO also explained that while some of the benefits of deploying AI and investing in it can be quantified, not all of them can be. “We’re getting better and better at it, we know how to do it, the managers know how to do it, they’re asking more questions [like] ‘Why can’t it do X? Why can’t it do Y?’”

Dimon also revealed that JPMorgan has a large language model (LLM) suite for its employees, which can be used on their work phones to conduct research, summarize data, and scan contracts, among other tasks. He said that 150,000 people use it every week.

JPM stock is up 25% year-to-date and 41% over the past 12 months.

Also See: Gold Prices Continue To Rise, Futures Cross $4,000 For First Time: Ray Dalio Reportedly Says It’s Like Early 1970s Again

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