JPMorgan Chase continues to invest in AI while prioritizing tangible outcomes of efficiency gains. 

Chief Executive Jamie Dimon said the bank invests $2 billion annually in AI development and is roughly breaking even on savings in a recent interview with Bloomberg. 

Read more: JPMorgan ranks first for AI among banks with its systematic innovation approach 

The $4.6 trillion bank proves AI returns through “old-fashioned expense discipline,” Chief Financial Officer Jeremy Barnum said today during the bank’s third-quarter earnings call. 

For example, JPMorgan Chase is looking to use technology rather than hiring to accomplish certain tasks that may have required manpower in the past, Barnum said.  

The response to any given need should not be to immediately hire more people, Barnum said. “In the end, the proof is going to be in the pudding in terms of actually slowing the growth of expenses.” 

These efforts are reflected in the bank’s headcount, which remained relatively flat quarter over quarter and year over year at 318,153, according to the bank’s earnings supplement. 

The bank is also deploying AI in the following areas: 

• Training for new employees; 

• Strategy for small business clients; and 

• Fraud detection. 

Revenue up, efficiency ratio improved

In Q3, the bank reported: 

• Revenue of $46.4 billion, up 9% YoY; 

• Expense of $24.3 billion, up 8% YoY;  

• An adjusted expense for 2025 of $95.5 billion; and 

• An efficiency ratio of 52% in Q3, an improvement from 52.4% during the same period last year. 

New initiative

With AI a clear priority, the bank today announced its new Security and Resiliency Initiative, a $1.5 trillion, 10-year plan that aims to facilitate, finance and invest in industries critical to supporting national economic security and resiliency.  

Strategic technologies, including AI, cybersecurity and quantum computing are among key areas of investment, according to the bank. Other areas of focus are supply chain and advanced manufacturing; defense and aerospace; and energy independence and resilience. 

JPMorgan stock was down 1.9% to $302.14 at market close today. The bank has a market capitalization of $830.9 billion.

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