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If you happen to’re questioning whether or not JPMorgan’s tech spend is paying off, here is Jamie Dimon’s reply: “Belief me.”

That is how the CEO responded to questions in regards to the financial institution’s ROI on its ever-growing tech budget throughout JPMorgan’s fourth-quarter earnings calls. The financial institution is projecting it will spend roughly $9.7 billion extra in bills this 12 months than in 2025.

He will not be the final govt pressed on cash spent on tech and AI. The quiet considerations that began final 12 months concerning huge AI investments are escalating into loud protests in 2026.

Dimon wasn’t simply asking for blind religion from his shareholders. He mentioned the menace posed by his friends and fintechs, and stated spending on expertise and AI is way extra necessary than making an attempt to “meet some expense goal.”

(For what it is price, JPMorgan is definitely high of the category on the subject of AI maturity throughout Wall Avenue, according to Evident’s AI index.)

The gamers is likely to be totally different, however different companies will seemingly defend their AI spend with an analogous argument: Each greenback I do not spend is one my competitor is keen to, and that may very well be the distinction between successful and shedding.

I am not endorsing FOMO-inspired spending, however I see the rationale. I would somewhat go down swinging within the AI wars than not enter the fray in any respect.

There’s one other struggle JPMorgan is not eager about moving into.

The financial institution’s CFO stated the bank card fee cap proposed by President Donald Trump could force JPM to rethink its business entirely.

It is the newest firm to weigh in on Trump’s proposal, and it is a biggy. JPMorgan’s card providers gross sales totalled roughly $360 billion final quarter.

Opponents of Trump’s pitch say capping bank card charges will backfire. If lenders cannot cost increased charges to riskier debtors, they’re going to simply restrict the credit score they provide them as a substitute of decreasing their charges.

And it is not like individuals will stop borrowing. (That is America, in any case.) They will simply search for alternate options, which may cause them to take out more personal loans, making 2026 doubtlessly a big year for lenders like SoFi.