Jamie Dimon, chairman and chief executive of JPMorgan Chase, said in his 2021 letter to shareholders that waves of technological innovation are becoming faster and the science behind them increasingly complex as technology, such as artificial intelligence, is "embedded" in more products. He said: "In today's world, I cannot overemphasize the importance of implementing new technology." The bank announced in January this year that total expenses would increase by approximately $6bn, with $2.5bn mostly related to people, travel and entertainment reflecting higher inflation and increasing competition for labor. Dimon wrote: "This year, we announced that the expenses related to investments would increase from $11.5bn to $15bn. I am going to try to describe the "incremental investments" of $3.5bn, though I can't review them all (and for competitive reasons I wouldn't). But we hope a few examples will give you comfort in our decision-making process."