JPMorgan Chase’s expenses are expected to rise to roughly $105 billion in 2026, up nearly 9.4% from 2025. 

Expenses this year will support branches, marketing, technology, real estate and capital markets, according to the $4 trillion bank’s fourth-quarter earnings presentation. On the technology side, investments will be made in:  

• Business growth; 

• Infrastructure and software; and 

• Data and analytics. 

When asked for details on the $9 billion increase during today’s earnings call, Chief Executive Jamie Dimon declined, saying would put the bank at a “competitive disadvantage.” 

However, he did say the bank will be opening more branches in foreign countries, building better payment systems, improving personalization and adding AI across the company. 

“We’re not going to be giving detail on every single thing, every single quarter,” he said. “You’re going to have to … trust me.” 

Q4 stats

JPMorgan reported in Q4: 

• Net income of $13 billion; 

• Headcount remained relatively flat at 312,518; and 

• JPMorgan (JPM) stock was down 4% at market close today at $310. The bank has a market capitalization of $853 billion. 

AI readiness

The bank’s technology investments reflect its efforts to lead the way, particularly in AI, according to market intelligence platform CB Insights.  

In fact, JPMorgan claimed the top spot in CB Insights’ December 2025 Retail Banking AI Readiness Index.  

JPMorgan scored 78.8 out of 100 on AI readiness, based on its execution and innovation efforts, according to CB Insights ranking of 20 institutions. Other financial institutions gained these marks:  

• Citi scored 64; 

• Bank of America scored 62.4; 

• BNP scored 48.2. 

Apple Card integration challenges modernization

One project that is expected to challenge the bank’s tech modernization efforts is integration of Apple Card. 

JP Morgan announced Jan. 7 that it would be the new issuer for Apple Card — stepping in for Goldman Sachs. 

Integration of Apple’s iOS tech stack is expected to take two years, Chief Financial Officer Jeremy Barnum said during the earnings call. “The process of getting it done in the narrow sense is going to make us better,” he said. 

Adding the stack will “generally accelerate and challenge our modernization agenda and the user friendliness of everything that we do in the card business and beyond that,” he said. 

“Anyone should be thrilled to be in a partnership with Apple,” Barnum said. 

J.P. Morgan Payments’ Matthew McCown, executive director of the data and analytics team, will speak Tuesday, March 3, at the inaugural FinAi Banking Summit. Register here by Jan. 16 for early–bird pricing for the summit, taking place March 2-3 in Denver. View the full event agenda here.