Memo says JPMorgan has hired a new chief technology officer

JPMorgan Chase has appointed Sri Shivananda, a former PayPal executive, as its new chief technology officer (CTO) as part of its strategy to utilize its $17 billion tech budget. Shivananda will take over from A.J. Lang, who announced his retirement earlier this year. He will report to Lori Beer, the bank’s global chief information officer (CIO) and sit on the operating committee.

JPMorgan has recently recruited two senior leaders from Amazon to enhance 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.

Shivananda has a track record of business growth and innovation, which gives Lori Beer confidence in his ability to tackle complex technological challenges. In addition to Shivananda, JPMorgan is also focusing on implementing AI technology to bring in significant value to the bank. 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 to compete with the best in AI and technology to stay ahead in the highly competitive landscape of the banking industry.

By Sophia Gonzalez

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