This week Jamie Dimon sent an open letter to shareholders in which he detailed the companies’ successes, challenges and investments. One of the technologies he highlighted as “critical to our company’s future” was artificial intelligence. Going into a little more detail, he pointed to 300 active AI use cases using NLP, time series analysis and reinforcement learning amongst others. He highlighted their market leadership in the area evidencing recent top spot in the Evident AI index ranking, an index developed recently to rank banks’ AI maturity.

Mr Dimon gave readers some insight into the amount of staff JP Morgan has working on AI projects. This in turn allows for some back-of-the-envelope calculations on the headcount cost of keeping up with the bank that had a US$12 billion technology budget in 2022.