JPMorgan CFO says the bank’s AI exposure remains modest as sentiment shifts

JPMorgan Chase wants you to know it is not betting the house on artificial intelligence. Chief Financial Officer Jeremy Barnum says the bank’s AI exposure is modest, though it may be affected by shifting market sentiment. What Barnum actually said On October 13, 2026, Barnum reported that JPMorgan’s AI-related expenses have so far run lower than the bank anticipated this year. The spending has not spiraled. If anything, it has undershot the plan. The caveat matters, though. Barnum flagged that this modest exposure could still be influenced by changing sentiment toward AI. In February 2026, Barnum said JPMorgan’s exposure to the software sector remains limited relative to its much larger wholesale portfolio. That comment landed amid broader worries that AI could disrupt software businesses. He noted that the bank’s software exposure is concentrated in enterprise software. The numbers behind the bank’s AI machine JPMorgan runs a technology budget of approximately $20 billion a year, and a substantial share of that goes toward AI initiatives. That money powers more than 1,000 AI use cases across the bank. Approximately 150,000 employees use the bank’s internal language models every we...