JPMorgan Chase & Co. will continue to spend what’s needed to avoid losing ground to myriad competitors, including Stripe Inc., SoFi Technologies Inc. and Charles Schwab Corp., Chief Executive Officer Jamie Dimon said.
“We analyze what they do and how they do it, and how we stay out front,” Dimon said on a conference call with analysts after his company announced fourth-quarter results. “And we are going to stay out front, so help us God. We’re not going to try to meet some expense target, and then, you know, 10 years from now, you’re gonna be asking us the question, ‘How did JPMorgan get left behind?’”
The bank’s costs have been climbing in recent years. Non-interest expenses totaled nearly $96 billion in 2025, up about 4% from a year earlier and a 46% jump from 2019. It expects to spend about $105 billion this year.
“We’ll be justified by the results,” Dimon said. “But we’re not going to be giving, you know, detail on every single thing, every single quarter. And you’re going to have to trust me. I’m sorry.”
JPMorgan shares slumped last month after Marianne Lake, who runs the company’s consumer and community bank, said the bank anticipated higher expenses than analysts estimated for 2026.
She cited costs including incentive compensation for advisers, product marketing, building branches and investing in artificial intelligence.
“JPMorgan’s raising the bar, and it’s up to us to trust but also verify,” Mike Mayo, the Wells Fargo & Co. analyst who asked the question on expenses, said in an interview.
(Credit: AP)
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