Wednesday, July 24, 2024
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JPMorgan Chase has appointed former PayPal executive Sri Shivananda as its new chief technology officer (CTO), as revealed in a memo circulated on Monday. Shivananda’s hiring is part of the bank’s strategic initiative to effectively deploy its substantial $17 billion technology budget. He will assume his new role later this month, succeeding A.J. Lang, who announced his retirement plans earlier this year.

According to the memo seen by Reuters, Shivananda will report to Lori Beer, JPMorgan’s global chief information officer (CIO), who also serves on the operating committee. Beer expressed confidence in Shivananda’s ability to address the bank’s complex technological challenges, citing his proven track record of driving business growth and fostering innovation.

JPMorgan has recently made significant additions to its leadership team, with two senior hires from Amazon. In April, Manoj Sindhwani joined as the CIO for the chief data and analytics office, tasked with designing and developing data and AI platforms. Additionally, Darrin Alves was appointed as the CIO for infrastructure platforms, including the public cloud, last year.

Approximately 20% of JPMorgan’s nearly 312,000 global workforce consists of tech workers. Executives at the bank have indicated that the implementation of AI technologies could potentially generate between $1 billion to $1.5 billion in value, as discussed during a company presentation in May. CFO Jeremy Barnum emphasized the bank’s focus on enhancing the efficiency of both software engineering and physical infrastructure to maximize productivity from its tech investments while also attracting top talent.

In the competitive landscape for tech talent, banks like JPMorgan are continuously striving to recruit and retain skilled professionals. CEO Jamie Dimon underscored the importance of competing effectively in AI and technology sectors during the May event, highlighting the bank’s commitment to innovation and excellence in its technological endeavors.

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