Large Banks Leading in Technology, Ranked (2026)

Which large banks are the leaders in technology?

By disclosed technology spending, JPMorgan Chase leads the large US banks: its 2026 technology expense outlook is about $19.8 billion, up 10%, from a team of more than 63,000 technologists. Bank of America is second at $14 billion a year, more than $4.1 billion of it for new initiatives including AI, with about 60,000 technology employees. Citigroup reports the next-largest technology expense line ($9.4 billion in 2025), followed by American Express, which says it spends $5 billion a year. Capital One is the cloud outlier: it says it closed its last data center in 2021 and runs all-in on the public cloud. The ranking measures money and disclosed scale, not quality, and it is a different list from our AI disclosure index.

The ranking

How do the largest US banks rank on technology spending?

Ordered by the largest technology figure each bank has published: its own stated annual technology budget where it gives one, otherwise the technology line of the income statement in its 2025 Form 10-K. The 10-K line is narrower (it usually excludes the pay of technology staff), so banks ranked on it are understated against those with a stated budget: at JPMorgan the 2025 line was $11.0 billion against a 2026 outlook of about $19.8 billion, at Bank of America $7.5 billion against a stated $14 billion.

#	Bank	Disclosed technology spending	2025 Form 10-K technology line	Technologists and cloud	Flagship platforms
1	JPMorgan	About $19.8 billion technology expense outlook for 2026, up 10%; $9.2 billion of it investments, about 25% AI-related	Technology, communications and equipment: $11.0 billion	More than 63,000 technologists; public cloud named as an infrastructure cost driver	LLM Suite (generative AI for employees)[1][2][3]
2	BofA	$14 billion a year, of which more than $4.1 billion for new initiatives including AI	Information processing and communications: $7.5 billion	About 60,000 technology employees worldwide	Erica (consumer and employee assistant); CashPro (corporate banking platform)[4][5]
3	Citi	No total technology budget stated	Technology/communication: $9.4 billion	Agentic AI used by more than 10,000 engineers, which Citi says remapped 30-plus years of legacy code in two days	Citi Stylus and Citi Assist (AI tools for employees)[6][7]
4	Amex	$5 billion a year on technology (CEO Stephen Squeri, January 2026)	Not reported as a separate line	New third-generation data and analytics platform built on the public cloud; Amex expects to move all data and analytics processes to it by 2027	The data and analytics platform; agentic-commerce tools for developers[8]
5	Morgan Stanley	No total technology budget stated	Information processing and communications: $4.4 billion	More than 23,000 technologists worldwide	AI @ Morgan Stanley Assistant and Debrief (adviser tools)[9][10]
6	Goldman	No total technology budget stated	Communications and technology: $2.2 billion	Not disclosed in the sources cited here	GS AI Platform and GS AI Assistant (employees)[11]
7	State Street	No total technology budget stated	Information systems and communications: $2.1 billion, up 14% on 2024	Not disclosed in the sources cited here	State Street Alpha[12]
8	Capital One	No total technology budget stated	Communications and data processing: $1.8 billion	All in on the public cloud; says it closed its last data center in 2021	Eno (customer assistant); Chat Concierge (multi-agent assistant for car dealers)[13][14]

Method

How is this technology ranking built?

There is no standard measure of a bank's technology spending, so the table uses the largest figure each bank has put on the record and says which kind it is. A stated budget is the bank's own all-in number (JPMorgan's 2026 outlook from its February 2026 company update, Bank of America's on its Fast Facts page, American Express's from its January 2026 earnings call). Where a bank states no budget, the table uses the technology line of its 2025 income statement as filed in its Form 10-K; the line names differ (technology/communication, information processing and communications, communications and technology, communications and data processing) and none of them includes the salaries of in-house engineers.

Technologist headcounts, cloud milestones and platform names are listed for context and do not change the order. Platform names come from each bank's page on this site, where every claim is sourced. Wells Fargo, U.S. Bancorp, PNC and Truist are not ranked: none states a total technology budget in the sources we checked, and their 10-K income statements do not break technology out in a comparable line.

This is not the AI index. The AI index ranks the 120 largest US banks by the depth of their public AI record; this page ranks the biggest banks by money spent on technology. JPMorgan Chase leads both.

Common questions

Which bank spends the most on technology?

JPMorgan Chase. Its February 2026 company update puts 2026 technology expense at about $19.8 billion, up 10% on 2025, with $9.2 billion of that in investments, about a quarter of them AI-related. Its chief information officer, Lori Beer, leads more than 63,000 technologists.

How much does Bank of America spend on technology?

Bank of America says it spends $14 billion a year on technology, of which more than $4.1 billion is allocated to new initiatives including AI, and that its global technology team is about 60,000 employees. Its 2025 income statement line for information processing and communications was $7.5 billion.

Which bank is furthest ahead in the cloud?

Capital One is the large US bank that has gone furthest: it says it is all in on the public cloud and closed its last data center in 2021. American Express is moving its data and analytics onto a new public-cloud platform and expects to complete the move by 2027.

Is this the same as the ranking of banks by AI?

No. Our AI index scores the 120 largest US banks on their public AI record (platforms, use cases in production, leaders, disclosures and independent coverage). This page ranks the largest banks by disclosed technology spending. JPMorgan Chase is first on both.

Sources

Also on this site

Which large US banks lead in technology?Ranked by what they spend and disclose.