Jamie Dimon, Chief Executive Officer (CEO) of JPMorgan Chase (JPM), warns in his annual letter of risks from geopolitical uncertainty and the impact of artificial intelligence (A.I.).
In his 2026 letter to shareholders, Dimon writes that the “challenges we all face are significant.”
Dimon, the longtime leader of the world’s largest bank by market capitalization, is among the most outspoken of U.S. corporate leaders.
In this year’s letter, Dimon notes headwinds from global conflicts, persistent inflation, private market upheaval, and the rise of A.I.
The CEO identifies geopolitical tensions as the primary risk facing his bank, namely the wars in Ukraine and Iran and their impacts on commodities and global markets.
The CEO also writes about the current upheaval in the private credit market as fears around loan quality spur massive redemption requests.
“By and large, private credit does not tend to have great transparency or rigorous valuation ‘marks’ of their loans — this increases the chance that people will sell if they think the environment will get worse,” writes Dimon.
The CEO adds that actual losses are already higher than they should be in the current environment.
On A.I., Dimon reiterates that the pace of adoption is unlike any technology that came before it. He said while its implementation will be “transformational,” it remains to be seen how the A.I. revolution will 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,” he writes.
JPMorgan has been at the forefront of Wall Street firms applying A.I. at every level of its organization. The bank says it is using the technology to speed up work and improve results.
JPM stock has risen 37% over the past year to trade at $294.60 U.S. per share.
