JPMorgan Chase chief executive Jamie Dimon says the bank’s artificial intelligence operations have already delivered billions of dollars in cost savings, describing the technology as integral to almost every corner of the business.
In a new Bloomberg interview, Dimon says the bank’s massive AI bet is already paying for itself.
“So we have shown that for $2 billion of expense, we have about $2 billion of benefit. Some we actually can do real detail. We did this, we reduced head count, we saved this time and money, we reduced errors.”
Dimon notes that the bank, which began deploying AI in 2012, now uses the technology across multiple core functions.
“It affects everything: risk, fraud, marketing, idea generation, customer service, and it’s kind of the tip of the iceberg. And so we’re deploying it.”
Beyond core functions, the CEO says JPMorgan’s internal large-language-model (LLM) suite is being used across research, legal, and coding tasks.
“We have a suite, an LLM suite on internal data to do research and summarize reports and scan contracts and do things like that. 150,000 people a week use it, so it’s quite productive.”
Dimon says the push is both technological and cultural, adding that managers are now expected to adopt AI tools and rethink processes.
“As the managers learn how to do it, they’re asking more questions. Why can’t it do X and why can’t it do Y…? So our managers and leaders have to do it.”
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