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Quote: Jamie Dimon – JP Morgan Chase CEO

Quote: Jamie Dimon – JP Morgan Chase CEO

“I think the harder thing to measure has always been tech projects. That’s been true my whole life. It’s also been true my whole life, the tech is what changes everything, like everything.” – Jamie Dimon – JP Morgan Chase CEO

Jamie Dimon’s candid observation captures a fundamental tension at the heart of modern business strategy: the profound impact of technology juxtaposed against the persistent challenge of measuring its value. Delivered during JPMorgan Chase’s 2026 Investor Day on 24 February, this remark came amid revelations of the bank’s unprecedented $19.8 billion technology budget – a 10% increase from 2025, with significant allocations to artificial intelligence (AI) projects.1,2,4 As CEO of the world’s largest bank by market capitalisation, Dimon’s perspective is shaped by decades of navigating technological shifts, from the rise of digital banking to the current AI boom.

Jamie Dimon’s Career and Leadership at JPMorgan Chase

Born in 1956 in New York City to Greek immigrant parents, Jamie Dimon began his career in finance at American Express in the 1980s, rising rapidly under the mentorship of Sandy Weill. He co-led the merger that created Citigroup in 1998 but parted ways acrimoniously in 2000. Dimon then transformed Bank One from near-collapse into a powerhouse, earning a reputation as a crisis manager. In 2004, he became CEO of JPMorgan Chase following its acquisition of Bank One, a role he has held for over two decades.3

Under Dimon’s stewardship, JPMorgan has become a technology leader in banking. The firm employs over 300,000 people, with tens of thousands in tech roles, and invests billions annually in innovation. Dimon has long championed tech as a competitive moat, famously urging investors to ‘trust him’ on spending despite vague ROI metrics. In 2026, this commitment manifests in a tech budget swelled by $2 billion, driven by AI for customer service, personalised insights, and developer tools, amid rising hardware costs from AI chip demand.1,5 Dimon predicts JPMorgan will be a ‘winner’ in the AI race, leveraging its data assets and No. 1 ranking in AI maturity among banks.1,3

Context of the Quote: JPMorgan’s 2026 Strategic Framework

The quote emerged in a Q&A at the 24 February 2026 event, responding to analyst pressure on tech ROI. CFO Jeremy Barnum highlighted technology as a major expense driver, up $9 billion overall, with $1.2 billion in investments including AI. Dimon acknowledged time savings from tech as ‘too vague’ to measure precisely, echoing lifelong observations from mainframes to cloud computing.1,2 This aligns with broader warnings: AI will revolutionise operations but displace jobs, necessitating societal preparation like retraining and phased adoption to avoid shocks, such as mass unemployment from autonomous trucks.4

JPMorgan is aggressively deploying AI – its large language model serves 150,000 users weekly – while planning ‘huge redeployment’ for affected staff. Executives like Marianne Lake stress paranoia in competition, quoting ‘Only the paranoid survive’. Rivals like Bank of America ($14 billion tech spend) underscore the sector-wide arms race.1

Leading Theorists on Technology Measurement and Impact

Dimon’s views resonate with seminal thinkers on technology’s intangible returns. Peter Drucker, the father of modern management, argued in The Practice of Management (1954) that knowledge workers’ output defies traditional metrics, prefiguring tech’s measurement woes. He coined ‘knowledge economy’, emphasising innovation’s long-term value over short-term quantification.[/latex]

Erik Brynjolfsson and Andrew McAfee, MIT economists, explore this in The Second Machine Age (2014), detailing how digital technologies yield ‘non-rival’ benefits – exponential productivity without proportional costs – hard to capture in GDP or ROI. Their ‘bounty vs. spread’ framework warns of uneven gains, mirroring Dimon’s job displacement concerns.4

Clayton Christensen’s The Innovator’s Dilemma (1997) explains why incumbents struggle with disruptive tech: metrics favour sustaining innovations, blinding firms to transformative ones. JPMorgan’s shift from infrastructure modernisation to AI-ready data exemplifies overcoming this.5

In AI specifically, Nick Bostrom’s Superintelligence (2014) and Stuart Russell’s Human Compatible (2019) address measurement beyond finance – aligning superintelligent systems with human values amid unpredictable impacts. Dimon’s pragmatic focus on phased integration echoes calls for cautious deployment.4

These theorists underscore Dimon’s point: technology’s true worth lies in reshaping ‘everything’, demanding faith in leadership over precise yardsticks. JPMorgan’s strategy embodies this, positioning the bank at the vanguard of finance’s technological frontier.

References

1. https://www.businessinsider.com/jpmorgan-tech-budget-ai-20-billion-jamie-dimon-2026-2

2. https://www.aol.com/articles/jpmorgan-spend-almost-20-billion-000403027.html

3. https://www.benzinga.com/markets/large-cap/26/02/50808191/jamie-dimon-predicts-jpmorgan-will-be-a-winner-in-ai-race-boosts-2026-tech-spend-to-nearly-20-billion

4. https://fortune.com/2026/02/25/jamie-dimon-society-prepare-ai-job-displacement/

5. https://finviz.com/news/321869/how-to-play-jpm-stock-as-tech-spend-ramps-in-2026-amid-ai-uncertainty

6. https://fintechmagazine.com/news/inside-jpmorgans-2026-stock-market-hopes-and-new-london-hq

"I think the harder thing to measure has always been tech projects. That's been true my whole life. It's also been true my whole life, the tech is what changes everything, like everything." - Quote: Jamie Dimon - JP Morgan Chase CEO

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Quote:  John Doerr – Venture Capitalist

Quote:  John Doerr – Venture Capitalist

“An effective goal-setting system starts with disciplined thinking at the top, with leaders who invest the time and energy to choose what counts.” — John Doerr, Measure What Matters

This insight from John Doerr encapsulates the transformative power of Objectives and Key Results (OKRs) as a leadership discipline. Doerr emphasizes that meaningful organizational progress doesn’t begin with broad intentions or scattered efforts but with top leadership committing to carefully define, prioritize, and communicate the few goals that truly matter.
In the late 1990s, as a prominent venture capitalist at Kleiner Perkins, Doerr brought the OKR framework—originated at Intel by Andy Grove—to Google’s founders, Larry Page and Sergey Brin. At the time, Google was a promising but unproven startup. The company’s early leaders faced the challenge of harnessing creativity and ambition in a way that would deliver measurable results, not just innovative ideas.

Doerr’s central message to Google was: Strategy requires ruthless clarity—leaders must devote “time and energy to choose what counts,” setting focused objectives and quantifiable results. This disciplined approach allowed Google, and countless organizations since, to achieve sustained alignment, transparency, and execution at scale.

About John Doerr

John Doerr (b. 1951) is one of Silicon Valley’s most influential venture capitalists and thought leaders. Early in his career, he joined Intel, where he learned directly from Andy Grove’s culture of rigorous, measurable management. At Kleiner Perkins, Doerr helped fund and build some of the world’s most consequential technology companies, including Google, Amazon, and Sun Microsystems. Beyond capital, Doerr contributed operational insight—most notably by importing Intel’s OKR system to Google just after its founding.

His book, Measure What Matters, distils decades of experience, showing how OKRs drive performance, accountability, and innovation in organizations ranging from start-ups to global giants. Doerr continues to advocate for mission-driven leadership and data-driven management, focusing on climate and societal impact alongside business achievement.

Leading Theorists on Goal Setting and Measurement

The intellectual roots of Doerr’s philosophy are grounded in the science and practice of management by objectives and the broader theory of performance measurement:

  • Andy Grove: As CEO of Intel, Grove pioneered the OKR methodology by adapting Peter Drucker’s management by objectives (MBO) into a system demanding clarity of intent and measurable results. Grove believed that carefully articulated and universally visible goals enable organizations not only to perform but to transform—insisting that ambiguous objectives breed mediocrity, while clear ones unite teams in pursuit of excellence.

  • Peter Drucker: The father of modern management, Drucker emphasized that “what gets measured gets managed.” He advocated for systematic goal setting and the importance of assessing results—a philosophy foundational for OKRs and later frameworks. While not the originator of OKRs, Drucker’s insistence on measurement as a precondition for improvement shaped generations of leaders.

  • Robert S. Kaplan & David P. Norton: Creators of the Balanced Scorecard, these theorists advanced the view that organizational strategy must be translated into concrete metrics across financial and non-financial dimensions. Like OKRs, their framework requires disciplined leadership to select and communicate the few priorities that drive value.

  • Edwin Locke & Gary Latham: Their research on goal-setting theory established that specific, challenging goals lead to higher performance than vague or easy objectives, provided feedback and commitment are present. The OKR system embodies their insights by coupling ambitious objectives with clearly defined milestones.

John Doerr’s conviction is clear: Organizational greatness hinges not just on vision but on the discipline of leaders to set, prioritize, and measure what truly matters. The OKR framework, built on the shoulders of the world’s leading management theorists, remains a catalyst for clarity, focus, and transformative achievement.

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Quote:  Lord Kelvin (William Thomson) – Physicist

Quote:  Lord Kelvin (William Thomson) – Physicist

“When you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it…your knowledge is of a meagre and unsatisfactory kind.” – Lord Kelvin (William Thomson)

This iconic statement, voiced by Lord Kelvin in the late 19th century during a lecture, elegantly captures the spirit of scientific inquiry in the industrial age. Its context lies at the intersection of theory and practice: scientists and engineers were wrestling with how to systematize knowledge and drive real technological progress. The British Empire, amid the Industrial Revolution, thrived on advances in physics, engineering, and telegraphy, demanding both rigorous theory and practical, measurable outcomes.

Kelvin’s philosophy was revolutionary for his time. He argued that true understanding comes not simply from speculation or qualitative insight but must be backed by quantitative measurement. This perspective helped establish the foundation for modern scientific method and engineering practice, where empirical data and precision are paramount.

About Lord Kelvin

William Thomson, 1st Baron Kelvin (1824–1907) was a towering figure in science and engineering. Born in Belfast and educated at Cambridge, Kelvin held the chair of Natural Philosophy at the University of Glasgow for over half a century. His scholarship ranged from mathematical physics to practical engineering, and the breadth of his impact was remarkable:

  • Thermodynamics: Kelvin played a key role in formulating the first and second laws of thermodynamics, crucial to our understanding of energy and heat.
  • Absolute Temperature: He developed the concept of absolute zero and the temperature scale named in his honor—the kelvin.
  • Telegraphy & Engineering: Kelvin’s inventiveness extended to significant improvements in telegraphy. His instruments and techniques were pivotal in laying the first successful transatlantic telegraph cable, earning him fame, wealth, and a knighthood in 1866.
  • Leadership: He served as president of the Royal Society and was elected to scientific societies worldwide, testifying to his international influence.
  • Legacy: His name is embedded in physics (the kelvin), and his rigorous approach to measurement helped usher in an era where engineering precision and scientific progress went hand in hand.

In 1892, he was elevated to the peerage as Lord Kelvin, the first scientist to be so honoured, choosing his title after the River Kelvin that flows by the University of Glasgow.

Leading Theorists and the Science of Measurement

Lord Kelvin’s dictum on measurement shaped the work of generations of physicists, engineers, and organizational theorists. Measurement became the keystone of operational science, influencing leading minds far beyond physics:

  • James Clerk Maxwell: Kelvin’s contemporary, foundational in electromagnetism, pursued the same ideal of quantification and precision in physical law.
  • Norbert Wiener: Later, as the founding father of cybernetics, Wiener established the science of systems, feedback, and control—fields fundamentally reliant on measurement and quantification.
  • Robert S. Kaplan & David P. Norton: In management, these scholars advanced the Balanced Scorecard, a system for translating strategy into measurable performance metrics, directly reflecting Kelvin’s principle—quantified assessment drives understanding, improvement, and accountability.
  • Peter Drucker: Often cited (sometimes inaccurately) with phrases like “what gets measured gets managed,” Drucker’s management theories similarly emphasize the necessity of tangible performance indicators for organizational effectiveness. While Drucker refined this insight, Kelvin’s assertion laid the groundwork for connecting measurement to both knowledge and action.

Together, these theorists built on Kelvin’s insight that measurement is not mere accounting—it is the bedrock of progress in science, engineering, and organizational strategy. The enduring impact of this idea is visible in everything from physics and engineering to business analytics and modern performance management.

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Quote:  Robert S. Kaplan and David P. Norton – creators of the Balanced Scorecard approach

Quote:  Robert S. Kaplan and David P. Norton – creators of the Balanced Scorecard approach

“Today’s organisational value-creating activities are not captured in the tangible, fixed assets of the firm. Instead, value rests in the ideas of people scattered throughout the firm, in customer and supplier relationships, in databases of key information, and cultures of innovation and quality.” – Robert S. Kaplan and David P. Norton – creators of the Balanced Scorecard approach

This statement exemplifies a key shift in modern management thinking championed by Robert S. Kaplan and David P. Norton. Historically, companies measured their worth by physical assets—machinery, buildings, inventory, and other tangible resources. However, by the late 20th century, breakthrough research and business transformations revealed that intangible factors—knowledge, innovation, relationships, and organizational culture—were often the real drivers of sustainable value and competitive advantage.

Kaplan and Norton addressed this gap by developing the Balanced Scorecard in the early 1990s, arguing that traditional financial measures alone were insufficient to capture an organisation’s true value-creating processes. Their framework encouraged leaders to assess performance not just in terms of revenue and profit, but also through perspectives such as internal business processes, customer satisfaction, and—critically—the innovation and learning (or learning and growth) perspective. This emphasised how assets like employee expertise, informational capital, and organizational learning drive future performance and adaptability.

The quote reflects their conviction that in the knowledge economy, ideas, relationships, and a culture of continuous improvement are at the core of lasting organizational value. Kaplan and Norton’s holistic perspective reshaped global management practices, making companies far more aware of the hidden, intangible strengths that sustain growth and excellence.

About Kaplan and Norton: Theorists Shaping Strategy and Measurement

Robert S. Kaplan is an influential American academic and Emeritus Professor at Harvard Business School. Trained as an engineer and economist, Kaplan’s early research revolutionised management accounting through innovations like Activity-Based Costing. His engagement with performance measurement deepened when he collaborated with David P. Norton.

David P. Norton came from a background combining engineering, business, and consultancy, ultimately crafting a career as a management strategist and executive. Norton’s work translated academic insights into practical tools for organisations across sectors.

In 1990, Kaplan and Norton undertook a pioneering research project into how organizations measure performance. Their collaboration resulted in the creation of the Balanced Scorecard—a system designed to link strategy formulation with execution, and to provide executives with a balanced view of their organisation’s progress. Rather than relying on isolated metrics, their model integrates four perspectives: financial, customer, internal processes, and innovation & learning. This approach compels organisations to consider whether they can continually improve and create value, not just deliver short-term results.

Over the years, Kaplan and Norton continued to evolve their ideas, expanding the Balanced Scorecard approach into broader theories of strategy maps and organisational alignment. Their joint work has had profound influence, helping leaders around the world realize that a company’s most valuable assets are often those you cannot see on a balance sheet, but that can be measured, nurtured, and leveraged to achieve enduring success.

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Global Advisors | Quantified Strategy Consulting