Shares of US Banking Giant Plummet, JP Morgan CEO Speaks Out
Jakarta, CNBC Indonesia - JPMorgan Chase CEO Jamie Dimon said investor concerns about artificial intelligence (AI) that hit the company’s shares on Monday were overblown. He said the largest bank in America would use the technology to its advantage.
“I think we’re going to be winners,” Dimon said as quoted by The Wall Street Journal, quoted Tuesday (2/24/2026).
Dimon, who was wearing a cast on his left hand after undergoing treatment for arthritis and bone spurs, continued that JP Morgan has always had a strategy to use technology to do a better job for customers.
JPMorgan was among a number of financial services companies that experienced a sharp decline on Monday due to concerns about the impact of artificial intelligence on their business models. On Sunday, Citrini Research published a widely read report, which hypothesized about how AI could transform the economy, including everyday payments, which dragged down the shares of companies that make money from payment processing.
American Express shares fell about 7% on Monday, while JPMorgan, Citigroup, and Morgan Stanley all fell more than 4%. Mastercard shares fell nearly 6%, and Visa fell more than 4%.
Dimon acknowledged that there are more and more fintech competitors beating JPMorgan in key businesses.
“There are a lot of payment companies: Chime, Revolut, PayPal, Stripe,” he said.
“We’re getting beaten badly in some areas. We’re getting beaten badly. We also have to compete at that level. We can’t just pretend we don’t know.”
Banks like JPMorgan have been accounting for the increasing popularity of stablecoins, which threaten the traditional role they have played in mediating payments between customers worldwide.
The chief financial officer of JPMorgan said that amid increased competition, the bank plans to spend $20 billion this year on technology, up $2 billion from the previous year. Some investors have questioned what benefits JPMorgan has gained from the massive investment.
“Investors are looking for more transparency and accountability in its technology spending,” said Mike Mayo, an analyst at Wells Fargo.
He added that JPMorgan needs to show that it is more likely to be a beneficiary than a victim of artificial intelligence (AI).
Even though a severe snowstorm hit the Tri-State area, Dimon and his deputies continued their plans to gather with investors at JPMorgan’s new headquarters at 270 Park Ave. Although the JPMorgan executive team was fully present, many of the bank’s staff and investors were unable to attend in person, given the suspension of train services in the area and the ban on passenger car travel in New York City and surrounding areas.
A number of potential successors to Dimon, including Marianne Lake, head of JPMorgan’s consumer unit, and co-heads of the bank’s commercial and investment banking, Troy Rohrbaugh and Doug Petno, all sat together on stage and answered questions about the future of the largest bank in America. The main message was that JPMorgan plans to stay on the same track.
“You’ve seen that many of our competitors now have strategies that are somewhat similar to what we’re doing, and I think imitation is the highest form of flattery,” said Lake.
JPMorgan’s annual investor day, although presented in a more concise version this year, has long been seen by investors as an opportunity to see the lineup of talent in the bank’s executive ranks and who could replace Dimon when he retires.
Dimon, who has led the bank for 20 years, said he will remain there “for a few more years as CEO.” But he did not provide further details. Last month, Dimon said he plans to remain in the role for more than five years as chief executive.