Dimon Seeks to Sell JPMorgan Investors on $2bn-a-Week Costs

JPMorgan CEO Jamie Dimon is working to convince investors that the bank's planned $2 billion-per-week spending is necessary to stay ahead of fintech rivals and invest in AI.

JPMorgan Chase CEO Jamie Dimon is planning on a major investor relations effort to justify the bank's soaring expense bill, which is on track to hit approximately $2 billion per week in 2026. The company expects to spend about $105 billion this year, up from $96 billion in 2025, as it invests heavily in technology, artificial intelligence, and strategic growth initiatives to fend off a wave of fintech competitors.

Dimon has taken a direct, even defiant, approach with shareholders. After the bank announced its fourth-quarter results in January, he told analysts on a conference call that JPMorgan will continue spending what's needed to avoid being left behind by nimbler rivals like Stripe, SoFi, and Charles Schwab. "We're not going to try to meet some expense target, and then, you know, 10 years from now, you're gonna be asking us the question, 'How did JPMorgan get left behind?'" Dimon said, adding, "You're going to have to trust me.”

The spending is driven by several factors, including a major push into artificial intelligence. The bank currently has approximately 400 active AI projects, which it believes will eventually lower costs in areas like Know Your Customer (KYC) and anti-money laundering (AML) compliance by as much as 40% . Other cost drivers include incentive compensation, branch expansion, and investments in the Security and Resiliency Initiative (SRI), which aims to boost financing in key subsectors.

While the investment thesis is strategic, the market reaction has been skeptical. JPMorgan shares fell following the expense guidance, as investors weighed near-term margin pressure against long-term gains. The challenge for Dimon is to demonstrate that this "invest-to-win" strategy will ultimately deliver the growth needed to justify the historic spending levels.