The bank has also recently recruited two senior leaders from Amazon, Manoj Sindhwani and Darrin Alves, as it works to deploy its $17 billion tech budget. The company believes that the implementation of artificial intelligence (AI) could add $1 billion to $1.5 billion to the bank. Furthermore, all new hires at JPMorgan are now being given AI training, with the technology expected to augment virtually every job and impact the bank's workforce composition.
Key takeaways:
- JPMorgan Chase has appointed former PayPal executive Sri Shivananda as its new chief technology officer (CTO), succeeding A.J. Lang who announced his retirement earlier this year.
- JPMorgan is investing heavily in technology, with a $17 billion tech budget, and has recently recruited two senior leaders from Amazon to help deploy it.
- The bank believes that the implementation of artificial intelligence (AI) could add $1 billion to $1.5 billion to the bank, and is providing AI training to all new hires.
- JPMorgan CEO Jamie Dimon has emphasized the importance of AI in his yearly letter to shareholders, stating that it has the potential to augment virtually every job and impact the workforce composition.