JPMorgan $JPM ( ▼ 1.28% ) is about to spend a lot more money in 2026, and Jamie Dimon’s message to investors is basically: don’t overthink it.
On JPMorgan’s Q4 earnings call Tuesday, CFO Jeremy Barnum reiterated the bank’s expense guidance, projecting costs will rise by $9 billion in 2026 to $105 billion. That immediately set off analyst alarms, especially around how much of that increase is tied to AI.
Wells Fargo analyst Mike Mayo asked for more detail, including granular breakdowns on AI-linked spending and early ROI.
Dimon’s response: you’re not getting a line-by-line audit.
Dimon’s Spending Philosophy: We’re Not Handing Competitors a Playbook
Dimon pushed back hard on the idea of providing a detailed spending roadmap, arguing it would put the bank at a competitive disadvantage.
He said JPMorgan will share as much as it can, but it will not disclose information that helps rivals copy strategy or exploit weaknesses.
Then came the headline quote: investors are going to have to “trust me.”
Where the Money’s Going: Branches, Payments, Personalization, AI
Dimon framed the higher spending as JPMorgan pressing its advantage in multiple areas:
opening rural branches
expanding branches internationally
building better payment systems
improving personalization in consumer banking and credit cards
rolling out AI across the company
His argument: if opportunities are real, spending aggressively is the right move, even if the costs look ugly in the short run.
The SRI Initiative: The Quiet Giant Inside the Budget
Dimon also referenced JPMorgan’s Security and Resiliency Initiative, introduced in October, a 10-year $1.5 trillion effort aimed at boosting activity in industries tied to national economic security.
That includes sectors like:
rare earths
battery storage
shipbuilding
Dimon suggested that initiative may end up bigger than previously expected, and that it is included in the spending outlook.
AI Spending Is Hard to Measure, and Dimon Knows It
When pressed again on AI-specific details, Dimon basically made the timeless corporate tech argument: tech ROI is hard to quantify in clean quarterly terms.
He said JPMorgan is detailed internally on:
what it is building
why it is building it
whether it is delivering on time
But he emphasized that the outcome is non-negotiable: JPMorgan needs to have the best tech in the world because tech drives margin, competitiveness, and long-term survival.
JPMorgan’s Real Competitors Aren’t Just Banks
Dimon also positioned JPMorgan as fighting a much wider competitive set than traditional banking.
He named fintech rivals like:
Stripe
SoFi
Revolut
Schwab
His point: JPMorgan is benchmarking itself against everyone, and it intends to stay in front.
And the money quote on that theme:
JPMorgan is going to stay up front, “so help us God.”
Why The Market Didn’t Love It
JPMorgan shares fell more than 4% Tuesday after earnings.
Bloomberg Intelligence analysts said management was unapologetic about investing in branches, AI, and the SRI initiative, and suggested the stock weakness may reflect concerns about 2026 operating leverage and lingering risk from a potential cap on credit card rates.
Bottom line: JPMorgan $JPM ( ▼ 1.28% ) is spending like a tech company entering an arms race, and Jamie Dimon is telling investors that if they want the bank to still be winning 10 years from now, they need to stop asking for spreadsheets and start trusting the strategy.