From JPMorgan to Citi: How Wall Street Banks Are Spending on Artificial Intelligence

JPMorgan Chase, the largest player in the American banking sector, is pouring nearly $20 billion a year into technology to avoid losing its edge in artificial intelligence. CEO Jamie Dimon previously said he had set out to "win the AI race," and now says the bank's $2 billion investment in artificial intelligence has already paid for itself through cost savings.

According to Business Insider, the bank closely tracks how tens of thousands of its engineers are using artificial intelligence. A dedicated dashboard measures employees' use of GitHub Copilot — an AI tool that helps developers write code — sorting them into "active," "heavy," and "non-user" categories. Internal company announcements show that engineers' performance goals have also been revised, now requiring them to "strive for excellence" by adopting artificial intelligence.

In July, the bank's head of artificial intelligence, Teresa Heitsenrether, announced her retirement after more than four decades with the company — a move that triggered a major reshuffle in the technology leadership. At the time, JPMorgan said it was reorganizing its company-wide data and analytics division, shifting focus from AI infrastructure to business initiatives. Back in February, the bank had already restructured its commercial and investment banking unit to "maximize the impact of artificial intelligence" — every key area of that division now reports to newly appointed Chief Operating Officer Guy Halamish.

During the second-quarter investor call, Dimon said the bank already has close to 1,000 AI use cases, ranging from fraud protection to marketing copy and memo writing. The company has rolled out its proprietary generative AI platform to more than 200,000 employees, an effort aimed at reshaping workflows from software developers to portfolio managers.

The bank's AI push extends beyond its own employees. JPMorgan Chase's asset management division has decided to end, starting this year, its long-standing practice of relying on outside proxy advisors for U.S. shareholder votes. Instead of external advisors, the company is launching its own in-house AI platform called Proxy IQ to support shareholder decisions.