Analyst must ‘squint’ to see JPM’s Q3 AI benefits

JPMorgan took first place as the most advanced bank in AI on the Evident AI Index, published Oct. 6. But during the bank’s third-quarter earnings call today, Wells Fargo Securities Analyst Mike Mayo said he was having a hard time identifying those AI benefits. “I saw you were ranked highly in a recent AI and bank poll, but I squint and I look at the earnings release. ... I’m trying to find the benefits, and I’m not sure if I can.” Jeremy Barnum , chief financial officer at JPMorgan, replied, “On that point in terms of visibility of the benefits, I think you’re right to point out that the benefits aren’t observable in our current quarterly earnings... It takes a long time to really do things that are visible at an institution of our size.” When AI was focused on regenerative AI and machine learning, in consumer fraud prevention for example, benefits were more easily and more accurately quantified, he said. However, now analyzing the impact of generative AI and agentic AI is not the same, he said. “I’m reluctant to spend a lot of energy quantifying it because it winds up wasting a lot of people’s time inside the institution,” he said. There are opportunities for acceleration and increased productivity, Barnum said. “We’ve done some experiments of some minor legacy tools that needed to be rewritten and trying to see if we could essentially one-shot the rewrite in a couple weeks, and it didn’t work perfectly,” he said. AI is “not something that you can ring-fence,” he said. “It’s pretty well-diffused inside the whole institution, and it’s obviously a very, very high priority.” Approaching agentic The bank is deploying agentic AI internally but is taking a more cautious approach to granting agents access to money movement, Barnum said. For now, “it’s not secure, and so to the extent we’re able to block those, we are blocking them to protect customers and protect ourselves,” he said. The efforts behind agentic AI at the bank focus on understanding the risk and liability, avoiding rogue agents and protecting the customer, Chief Executive Jamie Dimon said during the call. “It’s going to be interesting to see how the space develops and what we ourselves offer there at some point,” Barnum said. By the numbers for Q3 Technology, communications and equipment expenses were $3.3 billion, up 17% year over year; Total expenses were up 12% YoY to $27.3 billion; and Reported revenue clocked in at $50.2 billion, up 8% YoY. Shares of JPMorgan [NYSE: JPM] were up 0.08% from market open to $334.55. JPMorgan has a market capitalization of $889 billion.

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Analyst must ‘squint’ to see JPM’s Q3 AI benefits

JPMorgan claimed top spot on 2026 Evident AI Index

Who’s to blame if AI fails at work? Wharton study shows a split

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