Inside Jamie Dimon’s Annual Letter to Shareholders

Jamie Dimon has released his annual letter to shareholders, sharing his perspective on the economy and business performance amidst growing geopolitical tension. 

Describing JPMorgan Chase as “champions of banking’s essential role in a community,” Jamie shared that the bank is “as committed as ever” to creating a more inclusive economy, as it faces new challengers and reshapes its technological approach. 

Citing global conflicts and a changing business landscape, Jamie says: “Two things are absolutely foundational to our long-term success: the first is that we run a great company, and the second, which is maybe more important, is that the vitality of America domestically and the future of the free and democratic world are strong.”

He continued: “Throughout 2025, JPMorganChase demonstrated the power of its investment philosophy and guiding principles, as well as the value of being there for clients – as we always are – in both good times and bad times.”

This approach has led to “broad healthy growth,” says Jamie, with the company earning revenue of US$185.6bn and net income of US$57bn in 2025. 

Growing global competition

According to Jamie, JPMorgan Chase is facing “extraordinary global competition,” from new challengers such as Revolut, Stripe, Block and Citadel Securities. 

Jamie says that many of the company’s fintech competitors “have been quite successful and continue to raise both money and their ambitions.”

The global fintech market saw US$116bn in total investment in 2025, according to KPMG’s Pulse of Fintech report – up from US$95.5bn in 2024. 

To remain successful and competitive as a business, Jamie says that JPMorgan is addressing these challengers as part of its expansion plans – expanding its branch market network to more rural, underpenetrated markets, while also investing in marketing and product refreshes to drive card account growth. 

“We need to do a better job of utilising our data to help the customer,” Jamie says.” We must develop products quicker and always look at the adjacencies that can make a customer’s life easier. We need to roll out our own blockchain technology and continually focus on what our customers want in a very detailed way.”

The company has been developing blockchain infrastructure through its Kinexys platform – formerly called Onyx – which has processed over US$1.5tn in cumulative transaction volume since its inception in 2019. 

Deploying AI

JPMorgan Chase’s long term success hinges on the company’s ability to move quickly and nimbly, says Jamie, particularly in regards to AI implementation. 

“AI will affect virtually every function, application and process in the company,” he says. “And in the long run, it will have a huge positive impact on productivity.”

However, he also warns that the technology could introduce “serious new risks,” to the financial sector, such as deepfakes, misinformation and cybersecurity vulnerabilities. 

Managing this requires “rigorous preparation in advance, an honest assessment when things go wrong – and they will – and discipline to fix what's broken without destroying what works,” he says. 

AI implementation will also have a significant impact on the workforce, Jamie says, with the technology likely to create new jobs in areas such as cybersecurity and AI, and “definitely eliminate some jobs” – although he says the bank “will have definitive plans on how we can support and redeploy our affected workforce.”

Jamie previously discussed AI’s impact on the workforce in an interview with CBS, saying that he believes “30 years from now, your kids are probably working three and a half days a week,” because of the technology, recommending that employees “have a deep curiosity about the world,” and “learn to have EQ.”