JPMorgan Chase, America’s largest bank, is spending $700 million per year on AI technology, but its CFO says quantifying AI’s benefits is wasting time, and CEO Jamie Dimon is cracking down on external agents.
During a Q3 earnings call on Tuesday marking a $50.2 billion revenue quarter, CFO Jeremy Barnum said he is seeking to “move away” from quantifying AI returns, despite Dimon claiming that AI investment had already “paid for itself” in October 2025.
He said: “I am just very reluctant to spend a lot of energy quantifying it because it winds up wasting a lot of people's time inside the institution when we actually need to get them to focus on doing things… as much as important and dramatic and exciting as this theme is, it takes a long time to really do things that are visible at an institution of our size.”
Barnum also said that the $2 billion annual AI investment figure previously provided by Dimon was "not exactly right" and said the actual spend was around $700 million annually.
