Global banks lack AI spend visibility; JPMorgan token costs exceed salaries

A survey of the 50 largest global banks reveals only 12 track AI spending, with JPMorgan employees spending more on AI tokens than their salaries, indicating uncontrolled AI cost growth. Banks are now attempting to rein in spending, but the lack of visibility suggests potential margin pressure and governance gaps. The development signals a shift from unchecked AI investment to cost containment, with uncertain financial impact.

AI disclosure: Model-written summary of the source, not a verified fact. Check the sources. How Mosaic works