Wall Street banks put a meter on AI as computing bills climb

JPMorgan, Citi and CIBC are capping access to premium AI models as usage-based pricing makes tech budgets harder to predict Wall Street spent the last couple of years racing to put artificial intelligence into every corner of the business. Now the invoices are arriving, and bank executives are reading them closely. Finance chiefs and technology leaders at major banks are dealing with AI computing costs that are rising and getting harder to forecast, according to a Bloomberg report from October 21-22, 2026. JPMorgan Chase , Citigroup and Canadian Imperial Bank of Commerce have all tightened controls on AI spending as a result. JPMorgan Chase CFO Jeremy Barnum said the bank spends approximately $700 million a year on AI-related costs.

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