JPMorgan cut jobs by as much as 40% in some teams due to AI in 2026, but CEO Jamie Dimon makes it clear that ‘you don’t uniquely benefit from AI, we all use AI to …’

JPMorgan Chase has revealed that artificial intelligence (AI) has helped the bank reduce headcount by up to 40% in some business areas, yet CEO Jamie Dimon remains unconvinced. He stressed that AI is unlikely to give America’s biggest bank a lasting competitive advantage, as other companies are adopting the technology as well. Speaking during JPMorgan’s second-quarter earnings call, Dimon said investors should not expect AI alone to significantly increase the bank’s profit margins.

“You don’t uniquely benefit from AI,” Dimon said after being asked when AI would begin slowing the bank’s expense growth.