JPMorgan Chase plans to spend $18B in technology in 2025

JPMorgan Chase (NYSE:JPM), the largest U.S. bank by assets, plans to spend ~$18B in technology in 2025, as the firm expects investments in technology and AI to help employees work more efficiently and absorb further volume growth, the company said Monday in slides for its Investor Day.

The company’s overall guidance for expenses hasn’t changed from its Q1 earnings release, when it expected 2025 expenses of ~$95B. The company also reaffirmed its 2025 guidance of ~$90B net interest income, excluding Markets, and ~$94.5B firmwide.

“We continue to invest through the cycle, while simultaneously focusing on extracting efficiencies,” Chief Financial Officer Jeremy Barnum is set to say, according to the slides. “As our headcount has grown, we see opportunities to dial up our focus on running a lean organization.”

The company’s headcount has risen about 4% per year, CAGR, in the past five years. Even as it focuses on efficiency, the company will always ensure that it is “appropriately resourced to protect the safety and soundness of the firm.” And it will continue to invest in “high-certainty” areas, such as bankers, advisors, and branches.

JPMorgan Chase (NYSE:JPM) also has set reserves to reflect the current level of uncertainty, Barnum will say. In Q1 the allowance for credit losses was $16.9B in its consumer division and $10.5B in its wholesale business.

“Given our current level of excess capital, we are well positioned to protect and grow the franchise under a range of circumstances,” the company said. In Q1 2025 its reported CET1 was $280B, with $57B in capital that exceeds regulatory requirements, including regulated buffers.

JPMorgan Chase (JPM) stock slipped 0.7% in premarket trading.

Investor Day presentations start at 8:00 AM ET with an overall firmwide view by CFO Barnum, includes presentations by the heads of Consumer & Community Banking, Asset & Wealth Management, and the Commercial & Investment Bank, and closes up with remarks and Q&A with Chairman and CEO Jamie Dimon.