JPMorgan Chase has appointed Sri Shivananda, a former PayPal executive, as its new chief technology officer (CTO) to lead its technological advancements. This move is part of the bank’s strategy to utilize its $17 billion tech budget and enhance its technological capabilities. Shivananda will replace A.J. Lang, who retired earlier this year, and report to Lori Beer, the bank’s global chief information officer (CIO). Beer expressed her confidence in Shivananda’s ability to tackle complex technological challenges based on his track record of business growth and innovation.
In addition to Shivananda, JPMorgan has recently recruited two senior leaders from Amazon to further strengthen its technological capabilities. Manoj Sindhwani was hired as CIO for the chief data and analytics office, while Darrin Alves was brought in as CIO for infrastructure platforms, including public cloud services. The bank’s workforce consists of 20% tech workers out of its almost 312,000 total employees, highlighting the importance of technology within the organization.
JPMorgan’s focus on implementing artificial intelligence (AI) technology is expected to bring significant value to the bank, with executives stating that it could add between $1 billion to $1.5 billion in value. Chief Financial Officer Jeremy Barnum emphasized the importance of improving software engineering and physical infrastructure efficiency to maximize productivity and attract top tech talent. CEO Jamie Dimon stressed the need for JPMorgan to compete with the best in AI and technology to stay ahead in the highly competitive landscape of the banking industry.
With these hires and an emphasis on AI implementation, JPMorgan Chase is committed to staying at the forefront of technological advancements within the banking industry.
