JPMorgan Chase is spending $2 billion a year developing artificial intelligence—and reaping about the same amount in savings, according to CEO Jamie Dimon.

Speaking with Bloomberg TV, Dimon said the technology’s benefits are only beginning to surface: “We know that AI has led to billions in cost savings, and I think it’s just the tip of the iceberg.”

The bank currently employs around 2,000 people focused on AI initiatives spanning risk, fraud prevention, marketing, idea generation, and customer service. “It affects everything,” Dimon noted.

When asked about AI’s financial impact, Dimon confirmed: “For $2 billion of expense, we have about $2 billion of benefit.”

He also addressed concerns about automation’s effect on employment: “People shouldn’t put their heads in the sand—it’s going to affect jobs. There will be roles it eliminates, but you’re better off being ahead of the curve and retraining people.”

JPMorgan’s sustained investment has helped it secure the top spot in Evident’s AI Index for the third consecutive year, recognizing its research capabilities and AI-focused venture investments. Capital One ranked second, surpassing the Royal Bank of Canada, while HSBC emerged as Europe’s leading performer at number eight.