JPMorgan CEO Jamie Dimon warns of AI and geopolitics risks facing his bank: ‘The list is long…’

JPMorgan Chase CEO Jamie Dimon has urged a renewed commitment to core American values as the bank navigates rising geopolitical tensions, economic uncertainty, and the industry-wide impact of artificial intelligence.

In his annual shareholder letter released on Monday, Dimon pointed to the 250th anniversary of the United States, saying it presents “the perfect time" to rededicate the principles that shaped the nation, which include freedom, liberty and opportunity.

“The challenges we all face are significant. The list is long but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China,” Dimon said in the letter.

He added that “even in troubled times, we have confidence that America will do what it has always done — look to the values that have defined our singular nation and sustained our leadership of the free world.”

In the letter, Dimon highlighted several headwinds facing the global economy, including ongoing geopolitical conflicts and persistent inflation. Here's what he said.

Jamie Dimon flags trade and geopolitical risks

The JPMorgan Chase CEO identified geopolitical tensions as the biggest risk facing his bank, pointing to ongoing wars in Ukraine and Iran and their impacts on commodities and global markets. He warned that these conflicts are “the realm of uncertainty,” where outcomes can be unpredictable and ripple across the economy."

He said, “The outcome of current geopolitical events may very well be the defining factor in how the future global economic order unfolds.” He then added, “Then again, it may not.”

He noted a “realignment of economic relations in the world” brought on by US trade policy. In his second term in office, US President Donald Trump has introduced sweeping tariffs on dozens of America's trade partners and import categories.

“The trade battles are clearly not over, and it should be expected that many nations are analyzing how and with whom they should create trade arrangements,” Dimon said.

He added, “While some of this is necessary for national security and resiliency, which are paramount, it is hard to figure out what the long-term effects will be.”

AI's impact on the bank's operations

Dimon said the pace of AI adoption is unlike that of any previous technological advancement. While he described the impact of its implementation as “transformational,” he added that it remains to be seen how the AI revolution will ultimately unfold.

“Overall, the investment in AI is not a speculative bubble; rather, it will deliver significant benefits. However, at this time, we cannot predict the ultimate winners and losers in AI- related industries,” Dimon said.

“We will not put our heads in the sand. We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees),” he wrote in the annual letter.

In February, Dimon said AI is changing how JPMorgan’s workforce functions and that the bank had “huge redeployment plans” for its employees, CNBC reported.

“We have focused on some of the ‘known and predictable’ and some of the ‘known unknown’ events,” he said. “But huge technological shifts like AI always have second- and third-order effects as well that can deeply impact society….We should be monitoring for this kind of transformation, too.”

JPMorgan has been among the leading Wall Street companies integrating artificial intelligence across its operations. Last year, the bank's Chief Analytics Officer, Derek Waldron, gave CNBC an early demonstration of how the company is using agentic AI to speed up workflows and improve outcomes for customers and shareholders.