JPMorgan Chase & Co. CEO Jamie Dimon says the bank’s $2 billion annual investment in AI has already paid off, driving major savings and benefits across all business lines. Roughly 150,000 employees use the in-house AI model weekly for various tasks, with hundreds of use cases in place from fraud detection to risk management.

AI adoption will reshape the workforce, with automation streamlining operations and potentially reducing jobs in certain functions. JPMorgan CFO Jeremy Barnum emphasized the importance of retraining and redeployment, asking people to resist headcount growth while hiring in high-certainty areas.

JPMorgan announced a 10-year plan to facilitate and finance $1.5 trillion in critical U.S. industries. The effort will deploy up to $10 billion in direct equity and venture-capital investments in supply chain, defense, energy, and strategic technologies like AI and quantum computing. The goal is to reduce America’s dependence on foreign suppliers.

Read more at Yahoo Finance: Jamie Dimon Declares JPMorgan Chase’s $2B AI Investment ‘Paid For Itself,’ Warns ‘There’ll Be Fewer Jobs In Certain Functions’