![]() The other half of JPMorgan Chase’s tech spend is allocated to driving innovation across the firm’s businesses and with its client-facing products, Barnum said. “Underpinning all of this is our continued emphasis on cybersecurity to protect the firm and our clients and customers, as well as maintaining a sound control environment,” Barnum said. ![]() Global technology initiatives include migration to the cloud upgrading legacy infrastructure and architecture investing in the firm’s data strategy attracting and acquiring top talent with modern skills and enhancing the firm’s product operating model. The investment category includes regulatory-related projects, modernization efforts, and the retirement of technical debt, he said. ![]() Roughly half of JPMorgan Chase’s annual technology spend falls into the investment category, “or as we sometimes call it, ‘change the bank’ spend,” said Jeremy Barnum, JPMorgan Chase’s chief financial officer. It’s because we’ve deployed huge capabilities in those things.” “For example, with all the fraud and all the cyber and all the ransomware, our fraud costs were down this year. “This stuff is absolutely, totally valuable…If you sat in this room and looked at the power of the cloud and big data on risk, fraud, marketing, capabilities, offers, customer satisfaction, dealing with errors and complaints, prospecting-it’s extraordinary.”ĭimon cited fraud prevention as an area that’s been improved by the firm’s technology investments. This year, between 30% and 50% of the firm’s applications and data will be moving to cloud platforms, he said. “We’re running a whole bunch of major programs, which I don’t think we disclosed, on AWS, and we’re working with Google and Microsoft to run some of the stuff in the cloud because we want to have multiple cloud capabilities,” Dimon said. Meanwhile, the firm continues to broaden its multi-cloud footprint. Most of the applications and data housed in the new data centers are cloud-eligible, Dimon added. We’re still running the old data centers,” said Jamie Dimon, JPMorgan Chase’s chairman and CEO, in a January conference call with financial analysts. “So we spent $2 billion on brand new data centers, okay, which have all the cloud capability you can have in private data centers and stuff like that. IT priorities in 2022 will be consistent with prior years and will include increases in cloud capabilities, data centers, digital consumer experience, and data and analytics. ![]() Looking at the current year, the firm expects to increase its tech and tech-adjacent spending by roughly 20%. The $2 billion is part of the firm’s total annual spending on technology, which amounted to more than $12 billion last year, according to details shared in JPMorgan Chase’s fourth-quarter and full-year 2021 earnings presentation. spent $2 billion on new data centers last year, even as the multinational investment banking and financial services company continued to move data and applications to cloud platforms run by AWS, Google, and Microsoft. ![]()
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