JPMorgan’s Dimon Says AI Cost Savings Now Match Money Spent (1)

Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing artificial intelligence technology, and saves about the same amount annually from the investment.

“We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” the bank’s chief executive officer said Tuesday in a Bloomberg TV interview.

Dimon has consistently touted the opportunities offered by AI, even if it eliminates some jobs. He has said his bank already has hundreds of use cases for the technology, which will likely grow, and has touted its ability to help humans cure ...