Dimon said that the bank considers the value AI adds and negotiates with vendors "all the time."

Jamie Dimon told analysts that though AI will lead to huge efficiency gains — and job cuts — it won't shrink operating costs.

Jamie Dimon told analysts that AI has already eliminated 30 to 40 percent of jobs in some JPMorgan units, but competitive pressure will erase margin gains.

Dimon said that the bank considers the value AI adds and negotiates with vendors "all the time."