JPMorgan Chase bumps up tech spend

JPMorgan Chase Bank increased its technology spend in the third quarter as the bank continued its investment in artificial intelligence (AI) to help mitigate risk and potential losses in the face of economic uneasiness. “There are a lot of uncertainties today,” Chief Executive Jamie Dimon said today during the bank’s Q3 earnings call. Although the bank isn’t “worried” about an unpredictable economic future, it has shifted the bank’s outlook on how it will handle tightening deposits, deposit migration in a new technological environment, and lags in consumer, treasury service and commercial banking, Dimon added. [caption id="attachment_182408" align="alignright" width="300"] Photo courtesy of JPMorgan Chase [/caption] The $3.8 trillion bank’s tech spend increased 4% year over year to $2.3 billion in Q3, according to the earnings supplement. Additionally, the bank’s number of active mobile customers rose to 48.9 million, up 10% sequentially. Noninterest expenses clocked in at $19.2 billion, a 12% YoY increase, driven by higher structural expenses and continued investments in technology and marketing, according to a bank release. Chief Financial Officer Jeremy Barnum attributed the increase in expenses to “technology and asset management initiatives” during today’s call. Meanwhile, as the bank continues to invest in technology, even on the cusp of a potential recession, there are plans to operate and hire at normal levels , Dimon said, expressing a similar outlook on the uncertain economic environment as he did in Q2. “There’s a possibility for a mild recession … there’s possibly something worse, mostly because of the war in Ukraine and the oil prices and things like that,” Dimon said. “I would not change my possibilities and probabilities this quarter versus last quarter.” [stock_market_widget type="inline" template="generic" assets="JPM" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" display_currency_symbol="true" api="yf"].

JPMorgan Chase bumps up tech spend

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JPMorgan Chase bumps up tech spend

The bank’s number of active mobile users climbed 10% in Q3

Farmers taps Teslar to automate lending ops

US Bank drives tech-led partnerships in Q3

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