JPMorgan Chase CEO Jamie Dimon stated that the bank will continue to invest the necessary funds to avoid falling behind in the competition against numerous rivals, including Stripe, SoFi Technologies Inc., and Charles Schwab.
"We analyze what they are doing, how they are doing it, and how we can stay ahead," Dimon said during a conference call with analysts following the company's fourth-quarter earnings release. "We will absolutely stay ahead, God willing. We won't, just to hit some expense target, be asked 10 years from now, 'How did JPMorgan get left behind?'"
The bank's costs have been climbing in recent years. Noninterest expenses for 2025 totaled nearly $96 billion, an increase of approximately 4% year-over-year and a 46% jump compared to 2019. The bank anticipates spending around $105 billion this year.
"The results will speak for themselves," Dimon said. "But we are not going to give you the details, line by line, every quarter. You have to trust me. Sorry."
JPMorgan's stock price tumbled last month after Marianne Lake, who leads the firm's Consumer & Community Banking division, indicated that the bank expects 2026 expenses to be higher than analysts had projected. She cited costs including advisor incentive compensation, product marketing, branch construction, and investments in artificial intelligence.
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