The news: In his shareholder letter accompanying JPMorganChase’s 2025 annual report, CEO Jamie Dimon has framed AI as a core strategic priority for the bank and a foundational shift in technology rather than a speculative bubble. He positions AI as fundamental to the bank’s plan to compete against both traditional rivals and newer entrants, and cites Block, Citadel, Revolut, and Stripe as standout insurgents.

Though touting JPMorgan’s technology strategy and AI focus, Dimon makes no explicit assertion that it will be an ultimate AI “winner.” But it is one of few financial institutions with the resources to support the independent advancement of AI. In JPMorgan’s Q4 2025 earnings, Dimon defended the bank’s $18 billion in tech spending for the year.

Zoom out: JPMorgan plans to spend $19.8 billion on technology in 2026, up 10% YoY, according to a presentation from February. The bank cited areas of focus including call center efficiency, “personalized client insights,” and technology supporting software engineers. It has reported wide usage of its internal genAI platform, with a growing share of overall AI use being generative.

Implications for banks: The industrywide question is whether the average bank will be able to harness AI as the gap widens between technology leaders and laggards. Large banks are pulling ahead with sustained investment, while those slowed by competing priorities risk falling further behind in a race where advantages compound quickly.

Banks that aren’t investing in fundamental AI work are instead investing in enterprise partnerships that help them use their data more efficiently and accelerate their workforces.