In July, He Said AI Has Cut Jobs by Up to 40% in Some Areas But Won't Shrink the Operational Budget

Jamie Dimon, CEO of JP Morgan, said in a CNBC interview aired Wednesday that the U.S. AI spending boom is likely to pay off, citing data center construction that has boosted GDP by 1% this year and is expected to add another 1% next year. "In my own view, and I may be wrong, it'll ultimately play out and pay out, Dimon said, noting companies are making real calculations about frontier model and inferencing costs. He downplayed concerns about a cooling AI market, saying it's "not high on the list of worries.

JP Morgan raised its tech budget to $19.8 billion this year, including AI investments, and Dimon has pushed engineers to increase AI usage, tracking it on internal dashboards. In July, he said AI has cut jobs by up to 40% in some areas but won't shrink the operational budget. The bank's AI chief, Teresa Heitsenrether, announced her retirement in July after four decades.