JPMorgan spends $2bn a year on AI, saves same amount

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Dimon told Bloomberg TV in an interview: “We know that it’s [AI] got to billions of cost savings, and I think it’s the tip of the iceberg.”

The bank has 2000 people working on AI, says Dimon, adding: “It affects everything – risk, fraud, marketing, idea generation, customer service. And, it’s kind of the tip of the iceberg.”

Asked about the impact on revenue, Dimon says: “So we have shown that for $2 billion of expense, we have about $2 billion of benefit.”

On the impact on jobs, he says: “I don’t think people should put their heads in the sand it’s going to affect jobs…there will be jobs it eliminates. But, you’re better off being ahead of the curve and retraining people.”

The comments come as intelligence and benchmarking platform Evident’s AI Index shows JPMorgan is the top industry player for the third successive year, thanks in part to its research team and investment in AI-focused companies.

Capital One overtook Royal Bank of Canada for second spot, with HSBC the top European player, at number eight.