“JP Morgan Chase has moved AI spending into its core infrastructure budget, underscoring a shift in how the bank views the technology as it becomes central to day-to-day operations. The world’s largest bank has reclassified AI investment from “discretionary innovation” to “core infrastructure”, placing it alongside data centers, payment systems, and core risk controls. With an annual technology budget…
Tag: JP Morgan Chase
Dimon: AI’s effect on labor market ‘may go too fast for society’
“Two decades ago, JPMorgan’s biggest competitors were Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley. Today, that list includes Stripe, PayPal, Dave, Chime, SoFi, Revolut and other fintechs, Dimon said. ‘They’re coming at you, some to pick a sliver of the business, some to take your whole business,’ the CEO said. ‘If you…
How Wall Street banks are using AI — from staff training to performance reviews
“Bank of America’s AI rollout is also well underway. The bank’s CEO Brian Moynihan says its use of AI is already embedded across the firm, from consumer banking to institutional clients. Its virtual assistant, Erica, handled 2 million customer interactions in a single day and can now answer 700 types of questions — up from…
Here’s JPMorgan Chase’s blueprint to become the world’s first fully AI-powered megabank
“The end state for JPMorgan, as envisioned by Waldron, is a future in which AI is woven into the fabric of the company: ‘Every employee will have their own personalized AI assistant; every process is powered by AI agents, and every client experience has an AI concierge,’ he said.” Read more >>
AI won’t end work for bankers — it will redefine it
“Just as the steam engine freed workers from drudgery, the assembly line created new industries, the computer unlocked entire careers, AI is set to redefine the value of labor. The short-term friction of labor reshuffling is real, but in the long run, innovation has always left us better off, not worse… This is not a…