JPMorgan Chase has appointed Sri Shivananda, a former executive from PayPal, as its new chief technology officer (CTO). He will be taking over from A.J. Lang, who announced his retirement earlier this year. Shivananda will report to Lori Beer, the bank’s global chief information officer (CIO). Beer mentioned in a memo that Shivananda’s experience in business growth and innovation will be instrumental in helping the bank address complex technological challenges.
The bank has recently recruited Manoj Sindhwani and Darrin Alves from Amazon to fill key positions. Sindhwani will serve as the Chief Information Officer for the chief data and analytics office, while Alves will be the CIO for infrastructure platforms, including the public cloud. The bank’s workforce includes 20% tech workers out of almost 312,000 employees.
According to executives, implementing AI could potentially add significant value to the bank, estimated at around $1 billion to $1.5 billion. Chief Financial Officer Jeremy Barnum emphasized the importance of optimizing software engineering and physical infrastructure to maximize productivity with the tech budget while also attracting top talent. CEO Jamie Dimon acknowledged the fierce competition in recruiting tech workers and stressed the need to compete with the best in AI and technology.