Overview
- At the bank’s investor update, Jamie Dimon likened today’s high asset prices and confidence to 2005–2007 and said his anxiety is high about a future credit cycle.
- He cautioned that some firms are taking risky steps to juice net interest income or claim market wins, while JPMorgan remains cautious and sticks to its own rules.
- Dimon said the sector hit in the next downturn could be software as AI disrupts business models, and he flagged recent private‑credit rumblings as a possible bellwether.
- JPMorgan projected 2026 expenses of about $105 billion, a roughly $9 billion increase, including around $20 billion for technology as it steps up AI investment.
- Executives said about 150,000 employees use the bank’s internal large language model weekly with reported time savings of roughly four hours per day, and the firm has large redeployment plans for roles affected by AI.