JPMorgan Chase Appoints Sri Shivananda as Chief Technology Officer
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JPMorgan Chase has appointed former PayPal executive Sri Shivananda as its new Chief Technology Officer (CTO), according to a memo released by the bank on Monday.
Shivananda will succeed A.J. Lang, who announced his retirement earlier this year. He will oversee the deployment of the bank’s substantial $17 billion tech budget.
Background and Appointment:
Shivananda, known for his experience in business growth and innovation, is set to assume his new role later this month.
As stated by Lori Beer, the bank’s global chief information officer (CIO) and member of the operating committee, he joins JPMorgan Chase with a proven track record that will aid the bank in addressing complex technological challenges.
Recent Recruitment Efforts:
Beer’s recruitment efforts also include bringing in two senior leaders from Amazon. Manoj Sindhwani, appointed as the CIO for the chief data and analytics office in April, will focus on designing and creating data and AI platforms.
Darrin Alves, hired last year as the CIO for infrastructure platforms, including the public cloud, will play a crucial role in enhancing JPMorgan Chase’s technological capabilities.
Tech Workforce and Investment:
JPMorgan Chase’s tech workforce constitutes 20% of its nearly 312,000 global employees. The bank aims to leverage technology to drive value, with executives estimating that implementing AI could contribute approximately $1 billion to $1.5 billion.
Chief Financial Officer Jeremy Barnum emphasized optimizing software engineering and physical infrastructure to maximize productivity from tech investments while attracting top talent.
Competitive Landscape and Vision:
CEO Jamie Dimon acknowledged the intense competition for tech talent and emphasized the bank’s commitment to competing with the best in AI and technology.
Enhancing efficiency across software engineering and physical infrastructure remains a top priority, aligning with the bank’s goal of staying at the forefront of technological innovation.
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Tony Boyce is a seasoned journalist and editor at Sharks Magazine, where his expertise in business and startups journalism shines through his compelling storytelling and in-depth analysis. With 12 years of experience navigating the intricate world of entrepreneurship and business news, Tony has become a trusted voice for readers seeking insights into the latest trends, strategies, and success stories.
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