By Alexander Saeedy

JPMorgan Chase CEO Jamie Dimon said fears about artificial intelligence that walloped its stock on Monday were overblown and that America's biggest bank would use the technology to its advantage.

"In my view, we'll be a winner," said Dimon, who was wearing a cast on his left hand after having arthritis and bone spurs treated. "We always have the strategy to use technology to do a better job for customers, and we're quite good at it."

JPMorgan was among a number of financial services companies that took a beating on Monday over concerns about the impact of artificial intelligence on their business models. Citrini Research published a widely read report on Sunday hypothesizing about how AI could transform the economy, including day-to-day payments, dragging down the shares of companies that make money from processing them.

American Express's stock fell around 7% Monday, while JPMorgan, Citigroup and Morgan Stanley all dropped more than 4%. Mastercard was down nearly 6%, and Visa was down more than 4%.

Dimon acknowledged that there was a growing number of fintech competitors beating JPMorgan in key businesses.

"There are tons of payments companies: Chrome, Revolut, PayPal, Stripe," he said. "We got our asses kicked in certain parts. We got beat badly. We have to compete at that level too. We can't just put our heads in the sand."

Banks like JPMorgan have been reckoning with the growing popularity of stablecoins, which threaten the traditional role that they have played in intermediating payments between customers around the world.

JPMorgan's chief financial officer said that in the face of higher competition, the bank planned to spend $20 billion this year on tech, up $2 billion from the year prior. Some investors have raised questions about what benefits JPMorgan has seen from its sizable investments.

"Investors are looking for more transparency and accountability on its tech spend," said Mike Mayo, analyst at Wells Fargo. JPMorgan needs to show "they're more likely to be beneficiary than a victim" of artificial intelligence, he added.

Despite a snowy nor'easter that rocked the Tri-State area, Dimon and his lieutenants pushed ahead on plans to gather with investors at the bank's new headquarters at 270 Park Ave.

While JPMorgan's executive team was in full attendance, many bank staffers and investors didn't make it in person, given the suspension of rail service in the region and ban on passenger car travel in New York City and nearby counties.

A lineup of Dimon's would-be successors, including Marianne Lake, head of JPMorgan's consumer unit, and the co-heads of the commercial and investment bank, Troy Rohrbaugh and Doug Petno, all sat on stage together and took questions about the future of America's largest bank. The message was largely that JPMorgan plans to stay the course.

"You've seen that a lot of our competitors have strategies now that are slightly similar to what we do, and I think imitation is the highest form of flattery," said Lake.

JPMorgan's annual investor day, though presented in a slimmed-down version this year, has long been seen by investors as a look at the stable of talent in the bank's executive ranks and who could step into Dimon's shoes when he retires.

Dimon, who has led the bank for 20 years, said he'd stay around "a few years as CEO" but didn't provide more specifics. Last month, Dimon said he planned to stay around for more than five years as chief executive.

Write to Alexander Saeedy at alexander.saeedy@wsj.com

(END) Dow Jones Newswires

February 23, 2026 19:00 ET (00:00 GMT)

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