Jamie Dimon is spearheading a cross-industry push to standardize how U.S. corporations manage artificial intelligence risks, according to sources familiar with the effort. The JPMorgan Chase chief executive has personally contacted peers at major banks and technology firms, inviting them to join a coalition built under the Alliance for Critical Infrastructure—a group JPMorgan helped establish alongside Mastercard and Berkshire Hathaway Energy. The outreach, which began in July, has already attracted more than 40 companies spanning banking, energy, utilities, telecommunications, and transportation.
The coalition aims to give companies a shared understanding of AI deployment, its associated risks, and necessary safeguards, while coordinating with federal regulators. Recent cyberattacks on water infrastructure in Minnesota and other states have intensified the urgency for cross-sector information sharing, sources told Reuters. Dimon has been characteristically blunt about the stakes, warning in July that advanced AI systems are like giving "ballistic missiles to individuals with Mythos," referencing Anthropic's AI model, to underscore the need for guardrails.
This initiative is separate from a parallel industry effort among banks to stress-test frontier AI models for security vulnerabilities. The coalition's work also resonates with compliance officers at registered investment advisors, as more than half of respondents in the latest Investment Management Compliance Testing Survey cited AI and predictive analytics as the "hottest" topics, ahead of money laundering and cybersecurity.
Banks accelerate AI adoption
While the coalition-building continues, operational adoption inside major banks has moved quickly. Bank of America CEO Brian Moynihan told investors during the bank's second-quarter earnings call that more than 200,000 employees now use AI-enabled tools, generating over 400,000 prompts daily across productivity, coding, and client-preparation tasks. The bank has more than 300 approved AI use cases, including 114 generative AI applications, with 34 fully implemented, according to CIO Dive.
Citigroup CEO Jane Fraser said nearly nine in ten employees now use its AI tools, crediting the technology with accelerating product development and boosting productivity. At JPMorgan, executives point to nearly 1,000 live AI use cases spanning risk management, fraud prevention, marketing, and document review. Yet Dimon has downplayed near-term margin benefits, telling investors they "don't uniquely benefit from AI" as he expects customers to capture much of the value.
That skepticism aligns with independent survey data. A D.A. Davidson survey of bank executives, cited by S&P Global, found that institutions expect AI's expense benefits to run roughly twice the size of any revenue lift over the next two to three years, with average projected expense reductions of 4.5% to 5% against revenue growth of just 2.5% to 3%. Larger banks—those with more than $50 billion in assets—expect the biggest payoff, projecting a 5.6% expense cut against 3.1% revenue growth.
Notably, only 11% of surveyed banks said those cost savings are measurable today, a reminder that AI's return on investment remains difficult to quantify even as adoption accelerates. For advisors, the trend underscores the growing role of AI in outsourcing investment management and other productivity tools, as seen in recent industry studies. Meanwhile, the broader push for AI risk management mirrors the cost pressures facing wealth management firms, where technology investments are increasingly scrutinized.
As the coalition gains traction, it could shape how regulators and firms approach AI governance, potentially influencing everything from product innovation to market dynamics. For now, the focus remains on building a common framework that balances innovation with safety, a challenge that will only grow as AI becomes more embedded in financial services.
