# JPMorgan Chase: AI strategy and technology vision

Source: https://www.bankingnewsai.com/banks/jpmorgan-chase/ai-strategy
Last updated: Oct 16, 2026

*Part of the [JPMorgan Chase AI strategy profile](https://www.bankingnewsai.com/banks/jpmorgan-chase).*

## What is JPMorgan Chase's AI strategy and technology vision?

JPMorgan Chase's stated end state, set out by chief analytics officer Derek Waldron in September 2025, is a fully AI-connected bank: a personal AI assistant for every employee, agents running every process and an AI concierge for every client. It funds that from a technology budget of about $19.8 billion in 2026, up 10%, run by global CIO Lori Beer with more than 65,000 technologists. The core is LLM Suite, the bank's own model-agnostic platform, used by 150,000 people a week by February 2026 with more than 200 applications built on it. Jamie Dimon counted almost 1,000 AI use cases on July 14, 2026, about 50 'really important', and said AI had cut headcount 30% to 40% in some units. Waldron promised long-running autonomous agents in 2026. Two things changed in October: CFO Jeremy Barnum put annual AI spend nearer $700 million rather than the $2 billion cited a year earlier and said benefits are not yet visible in results, and Dimon said the bank will not let outside AI agents operate in customer accounts. Dimon has also warned it is 'a bad idea' to expect AI to improve the efficiency ratio, because rivals will deploy it too. ([CNBC](https://www.cnbc.com/2025/09/30/jpmorgan-chase-fully-ai-connected-megabank.html), [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026010693/firmoverview.htm), [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase), [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2026-company-updates/company-update-chairman-ceo-transcript.pdf), [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-jpm-q2-2026-124458999.html), [CNBC](https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html), [CNBC](https://www.cnbc.com/2026/06/09/jpmorgan-chase-ai-agents.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [Forbes](https://www.forbes.com/sites/fionariley/2026/10/13/jpmorgans-jamie-dimon-warns-of-rogue-ai-agents-urges-customers-to-understand-risks/), [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2026/1st-quarter/1q26-earnings-transcript.pdf))

## What have JPMorgan Chase's executives said about AI strategy, and when?

In date order, from investor events, calls, letters and interviews.

| Date | Who | Venue | What was said | Sources |
| --- | --- | --- | --- | --- |
| May 20, 2024 | Daniel Pinto, president; Mary Erdoes | Investor day | Pinto valued AI at $1 billion to $1.5 billion and said it would have a 'very, very' large impact on 60,000 developers and 80,000 operations and call-center staff; every new hire gets prompt engineering training | [PYMNTS](https://www.pymnts.com/news/banking/2024/jpmorgan-all-new-employees-will-receive-ai-training/) |
| May 19, 2025 | Management | Investor day | LLM Suite access above 200,000 employees; more than 175 AI use cases in production in the commercial and investment bank; KYC unit cost down 40% since 2022 | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf) |
| September 30, 2025 | Derek Waldron, chief analytics officer | CNBC | The blueprint: personal AI assistants for every employee, agent-powered processes, AI concierges for clients | [CNBC](https://www.cnbc.com/2025/09/30/jpmorgan-chase-fully-ai-connected-megabank.html) |
| February 23-24, 2026 | Dimon and Jeremy Barnum, CFO | Company update | AI solutions in production doubled in 2025; 2026 technology expense about $19.8 billion, up 10%; 150,000 weekly LLM Suite users saving about four hours a week; 'huge redeployment plans' | [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026010693/firmoverview.htm), [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2026-company-updates/company-update-chairman-ceo-transcript.pdf), [CNBC](https://www.cnbc.com/2026/02/24/jpm-ceo-jamie-dimon-ai-reshaping-workforce-redeployment.html) |
| April 6, 2026 | Dimon | Shareholder letter | AI 'will affect virtually every function, application and process in the company'; not a speculative bubble; will eliminate some jobs and make cyber risk worse | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/ceo-letter-to-shareholders-2025.pdf) |
| April 14, 2026 | Dimon | Q1 2026 call | 'A bad idea' to expect AI to improve the efficiency ratio, because rivals will deploy it too | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2026/1st-quarter/1q26-earnings-transcript.pdf) |
| June 9, 2026 | Waldron | CNBC | 'We've entered now the era of long-running autonomous agents'; private-banking gross sales up 20% with AI | [CNBC](https://www.cnbc.com/2026/06/09/jpmorgan-chase-ai-agents.html) |
| July 14, 2026 | Dimon | Q2 2026 call | Almost 1,000 use cases, about 50 'really important'; AI has cut headcount 30% to 40% in some units; 'the ultimate beneficiary of AI will be our customers' | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-jpm-q2-2026-124458999.html), [CNBC](https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html) |
| October 1, 2026 | Lori Beer, global CIO | American Banker | More than 200 applications built on LLM Suite; 'Most code is now assisted or written with agentic coding capabilities'; expects AI costs to come down | [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase) |
| October 13, 2026 | Dimon and Barnum | Q3 2026 call | Outside agents blocked; 'not against agents or for agents'; AI spend nearer $700 million than $2 billion; benefits not yet visible in results | [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [Forbes](https://www.forbes.com/sites/fionariley/2026/10/13/jpmorgans-jamie-dimon-warns-of-rogue-ai-agents-urges-customers-to-understand-risks/), [CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html) |

## What figures has JPMorgan Chase given for its AI program?

Figures as stated by the bank or reported from its executives. Scopes differ and are not combined.

| Metric | Value | As of | Source | Sources |
| --- | --- | --- | --- | --- |
| Technology budget | About $19.8 billion in 2026, up 10% | February 2026 | Company update deck | [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026010693/firmoverview.htm) |
| Technology workforce and estate | More than 65,000 technology employees; over 7,000 applications; nearly an exabyte of data | October 1, 2026 | American Banker | [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase) |
| LLM Suite use | 150,000 weekly users, about four hours saved a week each; more than 200 applications built on it | February and October 2026 | Dimon; Beer | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2026-company-updates/company-update-chairman-ceo-transcript.pdf), [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase) |
| AI use cases | Almost 1,000; about 50 'really important' | July 14, 2026 | Dimon | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-jpm-q2-2026-124458999.html) |
| Annual AI spend | Closer to $700 million ('a little stale'), versus the $2 billion cited in October 2025 | October 13, 2026 | Barnum | [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870) |
| Headcount effect | 30% to 40% reductions in some units; most affected staff offered other roles | July 14, 2026 | Dimon | [CNBC](https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html) |
| Revenue effect | Private-banking gross sales up 20% | June 9, 2026 | Waldron | [CNBC](https://www.cnbc.com/2026/06/09/jpmorgan-chase-ai-agents.html) |
| Coding | Coding portion of the development lifecycle reduced 10% to 20% by coding assistants | October 1, 2026 | Bank figure via American Banker | [American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase), [Reuters](https://www.reuters.com/technology/artificial-intelligence/jpmorgan-engineers-efficiency-jumps-much-20-using-coding-assistant-2025-03-13/) |

## Who runs AI at JPMorgan Chase and what does the bank not disclose?

Global CIO Lori Beer oversees technology including AI. In July 2026 the bank reset its AI leadership: chief data and analytics officer Teresa Heitsenrether retires at year-end and CTO Scot Baldry takes her title and the AI program; Manoj Sindhwani adds the data and AI product team; Sumitra Ganesh has led AI Research since February 2026. Guy Halamish carries the AI mandate as COO of the commercial and investment bank. ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-5-lori-beer-jpmorganchase), [Business Insider (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/jpmorgan-ai-leadership-getting-reset-093001422.html), [Quartz (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/jpmorgan-ai-chief-teresa-heitsenrether-120734852.html), [Reuters](https://www.reuters.com/business/finance/jpmorgans-commercial-investment-bank-names-halamish-coo-lead-ai-strategy-memo-2026-02-12/))

The bank does not break out AI spending in its filings, has not named the units where AI cut 30% to 40% of jobs, and declined in October 2026 to re-quantify annual AI benefits because the earlier $2 billion estimate included traditional machine learning. ([Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [CNBC](https://www.cnbc.com/2026/07/14/jpm-bank-of-america-citi-bank-earnings-live-updates.html))

## What does the JPMorgan profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Oct 13, 2026 | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million | Dimon says the bank will not let outside agents operate inside accounts and warns of a 'liability transfer' to customers who use them; the Smart Cash pilot is under way; Barnum puts annual AI spend nearer $700 million than the $2 billion cited a year earlier, calls that figure stale and says AI benefits are not yet visible in results. | [CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents) |
| Jul 27, 2026 | AI leadership reset | Baldry helms the AI program as chief data and analytics officer; Manoj Sindhwani adds the data and AI product team; Sumitra Ganesh has led AI research since Manuela Veloso left in February; the CDAO office shifts from AI infrastructure to business initiatives. | [Business Insider (Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/jpmorgan-ai-leadership-getting-reset-093001422.html) |
| Jul 14, 2026 | Almost 1,000 AI use cases, 50 that matter | Dimon lists the important ones across risk, fraud, marketing, hedging, prospecting, note-taking, idea generation and document reading, and says the tools will also reach smaller rivals through Fiserv, FIS and other fintechs. | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/jpmorgan-chase-jpm-q2-2026-124458999.html), [CIO Dive](https://www.ciodive.com/news/banks-report-operational-changes-ai/825601/) |
| May 27, 2026 | Dimon: 50 or 60 of about 1,000 AI uses are significant; Smart Cash in beta | Speaking at a Bernstein conference, Dimon says the significant ones are saving real money, and the bank is beta-testing Smart Cash, which moves a customer's money between checking and higher-earning brokerage products. | [Banking Dive](https://www.bankingdive.com/news/jpmorgan-ceo-dimon-ai-mythos-cyber-risk-banking-acquisition/821235) |
| Apr 14, 2026 | Q1 2026 call: Dimon says AI will not lift the efficiency ratio | He calls it 'a bad idea' to expect AI to improve the efficiency ratio because rivals will deploy it too and pass the benefit on, and points to fraud, scam reduction, prospecting and Connected Commerce as the opportunity side. | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2026/1st-quarter/1q26-earnings-transcript.pdf) |
| Apr 6, 2026 | Dimon's shareholder letter: AI touches 'virtually every function' | The letter says AI is not a speculative bubble, will definitely eliminate some jobs while enhancing others, and will almost surely make cyber risk worse; it also previews 'Smart Cash', which moves client cash between accounts for yield. | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/ceo-letter-to-shareholders-2025.pdf) |
| Feb 24, 2026 | Dimon: 'huge redeployment plans' | At an investor update Dimon says the bank has displaced people with AI and offers them other jobs; the same day he calls AI-disruption fears 'overblown'. | [CNBC](https://www.cnbc.com/2026/02/24/jpm-ceo-jamie-dimon-ai-reshaping-workforce-redeployment.html), [The Wall Street Journal](https://www.wsj.com/finance/banking/jamie-dimon-dismisses-fears-over-how-ai-will-hit-jpmorgan-f4e31e35) |
| Sep 30, 2025 | The 'fully AI-connected megabank' blueprint | Waldron describes the end state: personal AI assistants for every employee, agent-powered processes, AI concierges for clients. | [CNBC](https://www.cnbc.com/2025/09/30/jpmorgan-chase-fully-ai-connected-megabank.html) |
| May 19, 2025 | Investor Day: 200,000 LLM Suite users, 175 AI use cases in CIB | The investor day transcript reports over 200,000 employees with LLM Suite access, more than 175 AI use cases in production in the commercial and investment bank, a 40% fall in KYC unit cost since 2022, and a plan to cut consumer operations headcount about 10% over five years while the business grows more than 25%. | [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf) |

## Common questions

### What is JPMorgan Chase's AI strategy?

To become what chief analytics officer Derek Waldron called a fully AI-connected bank: a personal AI assistant for every employee, agents running every process and an AI concierge for every client. The bank builds the platform itself (LLM Suite) and swaps in third-party models, and in 2026 said it would deploy long-running autonomous agents.

### How much does JPMorgan Chase spend on AI?

It does not break AI out. Technology expense is about $19.8 billion in 2026, up 10%. On October 13, 2026 CFO Jeremy Barnum put annual AI spend closer to $700 million, called the figure 'a little stale', and said the $2 billion cited a year earlier was no longer the right number.

### How many AI use cases does JPMorgan have?

Jamie Dimon said on the July 14, 2026 earnings call that there are almost 1,000 use cases, of which about 50 are 'really important', across risk, fraud, marketing, hedging, prospecting, note-taking, idea generation and document reading. The bank said AI solutions in production doubled in 2025.

### What did JPMorgan say about AI on its Q3 2026 call?

On October 13, 2026 Dimon said the bank uses AI agents internally, is 'not against agents or for agents', and will not let outside agents operate inside customer accounts because of security and 'liability transfer' risks. Barnum said AI benefits are not yet visible in quarterly results, partly because token costs offset productivity.
## Deeper on JPMorgan

- [What AI research, patents and partnerships does JPMorgan Chase have?](https://www.bankingnewsai.com/banks/jpmorgan-chase/ai-research-patents-partnerships)
- [What technology stack does JPMorgan Chase run its AI on?](https://www.bankingnewsai.com/banks/jpmorgan-chase/technology-stack)
- [How does JPMorgan Chase govern responsible AI?](https://www.bankingnewsai.com/banks/jpmorgan-chase/responsible-ai)
- [How is AI changing JPMorgan Chase's workforce?](https://www.bankingnewsai.com/banks/jpmorgan-chase/ai-workforce)


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