JPMorgan Chase CEO on the mistakes that still trouble him after 20 years of career. Not failed deals, but …
JPMorgan Chase CEO Jamie Dimon said that even after two decades the mistakes that haunt him most are not the failed deals or bad calls, but they are the moments he moved too slowly. As reported by Fortune, speaking at the World Economic Forum in Davis, Dimon described that bureaucratic inertia and delayed personnel decisions as the most costly errors of his career, especially in an era where artificial intelligence is accelerating the pace of chance. “Inertia has become an unforgivable sin,” Dimon said, underscoring how hesitation can cripple even the largest institutions.That urgency is the reason behind JPMorgan’s aggressive embrace of artificial intelligence, which Dimon called the most consequential technological shift of his lifetime. Far from a side project, AI is embedded across the bank’s operations — from fraud detection and credit decisions to marketing and customer service. The bank has deployed more than 500 AI use cases and built an internal large language model used weekly by 50,000 employees.
Facing new competition
Dimon also warned that legacy bans can no longer rely on scale or repetition alone. The competitive landscape now incorporates fintech disruptors like Stripe, PayPal, Chime and SoFi, which can chip away at traditional banking services with speed and precision. “Firms that move too slowly risk losing business to faster, more focused competitors,” he said.Along with this, Dimon also recognised that AI will eliminate some jobs, reshape others and also create new ones. The real danger, he believes is not the technology itself but the speed at which it advances compared to society’s ability to adapt. “You’ll have civil unrest,” Dimon warned, if displacement arrives in sudden, concentrated waves.
Jamie Dimon calls for phased deployment of AI
To mitigate that risk, Dimon proposed a phased approach to AI deployment, with governments and companies working together to slow mass layoffs and support retraining. He suggested that local negotiations — not sweeping federal mandates — would be the most effective way to manage the transition. Pressed on whether JPMorgan would accept government-imposed limits on layoffs, Dimon was unequivocal: “We would agree if we have to do that to save society,” he said.
