JPMorgan implements $2,000 monthly AI spending limits for engineers

JPMorgan has implemented $2,000 monthly spending limits for certain engineers using Anthropic’s Claude Code, according to internal communications. The cap, which resets monthly, is part of the bank’s effort to manage the rising costs and security risks associated with artificial intelligence integration.

While JPMorgan maintains a massive annual technology budget of nearly $20 billion, token costs have become a growing concern on Wall Street. Zachery Anderson, chief data and analytics officer in payments at JPMorgan, previously noted that some employees were spending more on tokens than their own salaries.

During a July earnings call, Chief Financial Officer Jeremy Barnum indicated that while token expenses were previously trivial, the bank expects a significant acceleration in these costs during the second half of the year. A spokesperson for the bank stated that they are approaching AI with discipline, focusing on tying costs to measurable business value and productivity improvements.