With over 2000 AI and machine learning specialists and data scientists on staff, the Wall Street behemoth is now able to bring in over 400 use cases for the technology in fields like risk, fraud, and marketing.

In the meantime, investigations into the application of generative AI in software engineering, operations and customer support, and overall worker productivity are ongoing.

The technology "has the potential to augment virtually every job," adds Dimon, "and we envision GenAI helping us reimagine entire business workflows in the future."

"Getting our technology to the cloud — whether the public cloud or the private cloud — is essential to fully maximize all of our capabilities, including the power of our data" is the letter's other major technological focus.

Dimon cautions that in order to prevent lock-in, the bank must employ a variety of clouds and maintain its own expertise in order to minimize its reliance on large tech companies. Investments totaling around $2 billion have been made in four new private cloud data centers.

At the moment, the majority of JPMorgan's apps process data in the public or private cloud. Nowadays, almost 70% of data is stored and processed on public or private clouds.

The bank wants to transfer 75% of its data and 70% of its apps by the end of 2024.