Overview
- CFO Jeremy Barnum affirmed 2026 operating expenses of about $105 billion, roughly $9 billion above last year’s level.
- Jamie Dimon said spending priorities include technology and AI, new branches, payments, and personalization, with the Security and Resiliency Initiative also contributing.
- Pressed for detail on AI outlays and returns, Dimon declined a line-by-line breakdown, citing competitive sensitivity and telling investors to "trust me."
- Dimon said AI spending will rise but is not the primary driver of the expense increase, with expected efficiency benefits over time.
- Shares fell more than 4% after the call as investors sought clearer near-term returns, and the bank is replacing external proxy advisors in the U.S. with its in-house AI platform, Proxy IQ.