After JPMorgan’s shares 'crash', CEO Jamie Dimon calls AI fears overblown; says: We always have strategy to use technology to do a better job, and we are ...

JPMorgan Chase shares fell moe than 4% this week as part of a broader sell-off in financial services stocks triggered by investor worries about artificial intelligence disrupting traditional payment systems. As reported by Wall Street Journal, a Citrini Research report suggested that AI could reshape the economy and undermine companies that profit from processing transactions, sending American Express down by 7% and Mastercard nearly 6%, and Visa more than 4%.

JPMorgan CEO Jamie Dimon pushes back

As reported by WSJ, JPMorgan Chase CEO Jamie Dimon has dismissed the panic and said that fears about AI were exaggerated. “In my view, we’ll be a winner,” Dimon said at JPMorgan’s annual investor day in New York. “We always have the strategy to use technology to do a better job for customers, and we’re quite good at it.” Dimon, wearing a cast after treatment for arthritis and bone spurs, emphasized that the bank sees AI as an opportunity, not a threat.

JPMorgan says: CEO Jamie Dimon's inclusion in Donald Trump’s $5 billion lawsuit is ‘fraudulent’

Recently, America’s largest bank JPMorgan and Chase accused the US President Donald Trump of fraudulently naming CEO Jamie Dimon in his $5 billion lawsuit over the closure of his accounts, arguing the move was designed to keep the case in Floria state court. As reported by Bloomberg, in a Thursday filling (February 19), the bank asked to move the case to federal court in Miami, with plans to later transfer it to New York. JPMorgan said Trump’s claim that Dimon directed the bank to ‘blackist’ him and his businesses was not supported under Florida’s unfair trade practices law. The bank believes that Dimon was “fraudulently joined” to avoid federal jurisdiction.

For the uninitiated, Trump sued JPMorgan and Dimon in January this year, seeking at least $5 billion in damages for allegedly ‘debanking’ him and his companies for political reasons. His legal team insists that Dimon personally directed the bank to backlist Trump, his family, and businesses, causing “overwhelming financial and reputational harm.”