Jeremy Barnum, chief financial officer of JPMorgan Chase, said on October 13, 2026 that the bank’s AI-related expenses have come in below expectations for the year. The bank, which runs an annual technology budget of approximately $20 billion, has deployed over 1,000 AI use cases and some 150,000 employees use its internal language models every week. JPMorgan ranked first in the Evident AI Index for Banks for the fifth consecutive year. Barnum warned, however, that this modest exposure could still be influenced by shifting market sentiment toward AI, as the bank limits its software sector exposure relative to its much larger wholesale portfolio.
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