JPMorgan Chase CEO Jamie Dimon is betting on a small-business boom, pointing to a surge in new business formation filings this year that he attributes in part to artificial intelligence. Dimon said he does not expect AI costs to trickle down to small businesses, since many can get what they need from free versions of large language models online. The push is part of a broader consumer strategy at JPMorgan, which has expanded rapidly over the past five years, helped by the pandemic-era fiscal policy and its acquisition of First Republic Bank. The bank is aiming to keep that growth rate going over the next couple of years by expanding access to government-backed small-business loans, winning government contracts, and reducing regulatory and administrative burdens.
JPMorgan Chase & CoJPMorgan is betting on a small-business boom and expanding access to government-backed small-business loans and government contracts to keep growth going.
