Key ideas from Jamie Dimon

• PNC is building 300 new branches in growing markets despite industry-wide branch closures - 'We're probably one thousand short of where we ultimately want to be' - Bill
• Banks need 7-8% branch density in a market to control disproportionate deposit share and economics, making physical presence still crucial
• A 10% credit card rate cap would force all card businesses to lose money: 'I just made minus four percent' - Bill on the math
• PNC spent $2 billion annually for 10 years rebuilding their entire tech stack after the financial crisis merger with National City
• Private credit partnerships allow banks to keep client relationships while diversifying credit risk: 'The return on equity goes way up' - Bill
• AI implementation focuses on workflow automation with 171 identified use cases addressing $1.4 billion in addressable spend at PNC
• $2 billion invested annually in AI at JPMorgan has led to a similar amount in benefits, including cost savings and improved services.
• AI deployment at JPMorgan affects various sectors, including risk management, fraud detection, and customer service, with 150,000 employees utilizing AI tools weekly.