Jamie Dimon says AI will impact “almost every job” at JPMorgan Chase

Artificial intelligence will reshape banking, work and parts of the global economy, JPMorgan Chase CEO Jamie Dimon said in his annual letter to shareholders. letterDescribing technology as a rapid transformation that will impact almost every part of the bank’s operations.

“The importance of AI is real, and although I hesitate to use the word transformative, it is,” Damon wrote. “The pace of adoption is likely to be much faster than previous technological transformations, such as electricity or the Internet. These transformations have taken decades to roll out, but implementation seems likely to accelerate over the next few years.”

Dimon said the technology will impact nearly every business process at the largest U.S. bank, from customer-facing services to internal systems used by employees.

“AI will impact almost every function, application and process in a company,” he wrote, adding that in the long run, it “will have a significant positive impact on productivity.”

Damon also praised the potential long-term impacts of artificial intelligence on work, scientific research and overall quality of life in the developed world.

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

Despite these benefits, Dimon also warned that the technology poses new risks, pointing to deepfakes — or digitally altered images that appear real — along with the spread of misinformation and cybersecurity. Threats.

“These risks are real, but they can be controlled if companies, regulators and governments prepare,” he wrote. “The worst mistakes we can make are predictable: overreacting to the first serious incident and orchestrating an important innovation, or underreacting and failing to learn from what went wrong.”

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

Dimon’s letter comes as JPMorgan expands its capabilities and investments in artificial intelligence, and the company’s spending on the technology reflects this push. In February, JPMorgan said it expected to spend approx $19.8 billion on technology in 2026, including investment in artificial intelligence, data infrastructure, and cloud computing, according to a report by Business insider.

The figure represents a sharp increase by the banking giant since 2025. In October, Dimon said the bank was spending approx. 2 billion dollars Annually on artificial intelligence initiatives.

In his letter, Dimon also raised the specter of job losses caused by AI, saying the technology will change the job market as companies embrace automation in more tasks.

“AI will certainly eliminate some jobs, while enhancing others,” he said. “Our company will have specific plans on how to support and redeploy our affected workforce.” “AI will create many jobs – some we can see today in cybersecurity and AI itself, and some we cannot see. But we know there is a significant workforce shortage for many well-paying white-collar and white-collar jobs.”

Concerns about job losses due to artificial intelligence have grown in recent months, with industry leaders warning that the technology could reshape white-collar work faster than previous waves of automation.

In January, Anthropic CEO Dario Amodei He said Advances in artificial intelligence could eliminate up to half of entry-level professional jobs within five years, as systems increasingly take over tasks such as programming, research and data analysis.

“I have engineers at Anthropic saying, ‘I don’t write any code anymore,'” he said at the time. “All I do is let the model write the code, and I edit it.” “We may have six to 12 months before the model does most, perhaps all, of what (software engineers) do comprehensively.”

On Monday, OpenAI added to the debate by releasing a policy paper urge Governments must prepare for the economic disruption caused by advanced artificial intelligence and advocate for new approaches to taxation, worker protections, and social support if automation leads to widespread job displacement.

Despite these risks, Dimon said JPMorgan intends to continue deploying artificial intelligence throughout its operations as competition from fintech companies and other financial services companies that rely on the technology increases.

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