Podcast Summary: Bloomberg Talks — Jamie Dimon Talks Growth of AI, Jobs, Government Shutdown
Date: October 7, 2025
Guest: Jamie Dimon, Chairman & CEO, JP Morgan Chase
Host: Bloomberg
Episode Overview
In this episode, JP Morgan Chase CEO Jamie Dimon discusses the transformational impact of artificial intelligence (AI) across the banking sector, the future of jobs amid AI advances, U.S. economic outlook, inflation risks, and responses to current government policy shifts. Dimon offers candid insights into the bull market, regulatory changes, global competitiveness, and policy in the U.S. and U.K. The conversation is candid, practical, and forward-looking, providing a unique executive perspective on critical trends shaping finance and business.
Key Discussion Points & Insights
1. AI at JP Morgan: Deployment, Impact, and the Future
- Long-running Commitment: JP Morgan has invested extensively in AI since 2012, currently spending $2 billion annually with 2,000 staff focusing on AI applications.
- Applications: AI is integrated in “risk, fraud, marketing, idea generation, customer service,” with a focus on continual deployment and strong internal rules on data use.
- Material Impact:
- For $2 billion spent, “we have about $2 billion of benefit”—including clear-cut cost savings, improved efficiency, and intangibles like better service ([01:17]).
- Internal AI use: “150,000 people a week use it. So it's quite productive.” ([01:52])
- Agentic AI & LLMs: Early deployment of JP Morgan’s own large language model (LLM) and agentic AI, with anticipated expansion across the business ([02:06]).
Notable Quote
“We have 2,000 people doing it, spend $2 billion a year on it. It affects everything.... It's kind of the tip of the iceberg.”
— Jamie Dimon ([00:42])
2. AI & Banking Jobs: Threat or Transformation?
- Dimon’s View on Jobs: AI will “affect jobs”—some duties improved, others automated out. The bank focuses on retraining and redeployment, aiming for more high-value jobs even if some functions shrink.
“There will be jobs that it eliminates, but you're better off being way ahead of the curve and retraining people.” ([02:30])
3. Massive AI Infrastructure Spending & Market Winners
- Outlook on AI Expenditures: Industry-wide investment in AI and chip infrastructure is immense—could exceed a trillion dollars.
- “Big money’s got spent... There were a lot of losers, a lot of winners. In total, it was productive.” ([03:18])
- Lessons from the “Internet bubble”: failures are inevitable but significant, lasting companies will emerge.
4. Bull Market & Economic Risks
- Current Market Assessment:
- “We're in a bull market. Asset prices are high, credit spreads are low. Consumers still. Okay, the consumer has jobs.” ([04:09])
- Concerns: Geopolitical instability and possibility that inflation may not fall as expected:
“I'm a little more nervous about inflation not coming down like people expect. That might be a surprise.” ([04:29])
- Planning Philosophy:
- “I hope for the best, plan for the worst.” ([04:45])
- Recession Outlook: Dimon is not dismissing a potential U.S. recession in 2026, but is not anxious either, emphasizing adaptability ([04:54]).
5. US Government Shutdown & Market Reaction
- On Market Resilience: Dimon downplays the impact of shutdowns on markets:
“It's not a way to run a railroad. I don't think it's critical... I'm not sure anyone really affected the economy, the market in a real way.” ([05:33])
6. Inflation, Fed Rates, and Forecasts
- Market & Fed Predictions: Dimon is skeptical of forecasting:
“Forecasts have almost always been wrong and the Fed's been wrong too... If inflation does go up... it's going to be hard to do 100 points.” ([06:08])
- Cautious on Inflation: He acknowledges inflation risk and the challenge it poses to large expected rate cuts.
7. Geopolitics, Currency Shifts, and US Assets
- Structural Shifts: While gold and Bitcoin surge and the dollar weakens, Dimon sees current allocation changes as rational adjustments, not a panic exodus from US assets ([06:50]).
“If you look at America, still the greatest place in the world to invest long term.” ([07:17])
8. Dealmaking, Private Credit, and IPOs
- Big Deals: Discussed JP Morgan’s $20B financing for the EA take-private, reflecting robust competition and large-scale deal capacity ([07:45]).
- “There's a lot of merger talk, there's a lot of firepower, there's a lot of tech. The tech world is still doing quite well.”
- Growing Institutional Involvement: Noted acceleration in banking, IPOs, and tech innovation.
9. Credit Losses & Consumer Health
- Auto Loan Losses: Recent high losses driven by a handful of fraud cases and general normalization—not a major systemic concern unless employment or housing prices drop sharply ([08:46]).
10. Reporting Regulation and Public Markets
- Quarterly Reporting Concerns: Dimon supports less prescriptive guidance, noting that it causes “CEOs [to do] dumb stuff to meet earnings.”
- “We've gone from 8,000 public companies in 1996 to like 4,000 today”—a trend Dimon connects to regulatory burdens ([09:31]).
- Holistic Approach: Advocates for comprehensive regulatory reform to revive public markets and foster an equity culture.
11. US Policy, Industrial Strategy, and National Security
- Government Stakes & Industrial Policy: Dimon calls for careful, purpose-driven intervention—supports industrial policy when justified by national security, but cautions on overreach ([11:13]).
“It's got to be done right. It's got to come with permitting. No social, no virtual signaling.”
— Jamie Dimon ([11:15])
12. UK’s Financial Competitiveness and Reform
- London as Finance Hub: Praises London’s “brain power” and deregulatory moves to attract listings and stimulate risk-taking in public markets ([12:49]).
- Applauds pension scheme consolidation and overall reforms, urging further progress.
13. Talent & Immigration Policy (H1B visas)
- On Restriction of H1B Visas:
- Sees the program’s scale as limited; wants system improved, but not harder for genuine talent.
- Advocates for merit-based immigration and supports “stamping a green card in every person in this country who went to university or advanced degrees” ([13:47]).
“Not make it harder, but make it easier for real merit based.” — Jamie Dimon ([14:33])
Notable Quotes
- “It's kind of the tip of the iceberg... we are, we're deploying [AI]... Every time we meet as a business, we ask, what are you doing? ... So we're freely deploying it and safely.” — Jamie Dimon ([00:42])
- “For 2 billion of expense, we have about 2 billion of benefit... I think it's the tip of the iceberg.” ([01:17])
- “There will be jobs that it eliminates, but you're better off being way ahead of the curve and retraining people.” ([02:30])
- “Big money's got spent. There were a lot of losers, a lot of winners. In total, it was productive.” ([03:18])
- “I hope for the best, plan for the worst.” ([04:45])
- “It's not a way to run a railroad. I don't think it's critical.” ([05:33])
- “Forecasts have almost always been wrong and the Fed's been wrong too.” ([06:08])
- “If you look at America, still the greatest place in the world to invest long term.” ([07:17])
- On UK reforms: “They're deregging. It's not just banks, but business in general. Reducing red tape... they're trying to create... more of an equity risk culture.” ([12:49])
- On H1B: “Not make it harder, but make it easier for real merit based.” ([14:33])
Timestamps for Key Segments
- AI Investment and Impact — [00:42] to [02:23]
- Jobs & AI’s Impact on Employment — [02:23] to [03:01]
- AI Infrastructure Spend/Big Tech — [03:01] to [03:55]
- Bull Market & Economic Overview — [03:55] to [04:50]
- Government Shutdown & Markets — [05:07] to [05:54]
- Inflation & Fed Policy — [05:54] to [06:35]
- Currency, Gold, and Bitcoin — [06:35] to [07:26]
- Dealmaking & Private Credit — [07:26] to [08:33]
- Credit & Loan Loss Trends — [08:33] to [09:15]
- Quarterly Reporting/Regulatory Burdens — [09:15] to [10:55]
- US Policy — Industrial Policy & National Security — [10:55] to [12:32]
- UK Market Reforms — [12:32] to [13:36]
- H1B Migration & Tech Talent — [13:36] to [14:36]
Memorable Closing Exchange
- “You speak to the president every week?”
“No. Okay, I've spoken a couple of times.”
— Interviewer & Jamie Dimon ([14:36])
This episode is a masterclass on the intersection of technology and finance, emphasizing both immediate business realities and broad policy implications as seen by one of Wall Street’s most influential leaders.