JPMorgan Chase has a technology budget to match its status as the largest bank by market capitalisation: $17 billion for 2024. But its tech prowess is not just a question of budget size, but rather where that money goes. As generative AI becomes a major driver of banks’ share prices, especially in the US, it is also an increasing focal point for dollar spent.
Spying future advantages, banks are anxious to get ahead in AI. Not least JPMorgan, which is the foremost bank in the field, according to the latest Evident AI Index ranking.
JPM’s AI strategy in numbers:
- $17 billion tech budget for 2024
- $2 billion in business value generated via AI
- c.
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