JPMorgan Chase has named former PayPal executive Sri Shivananda as its new chief technology officer (CTO) in a memo released on Monday. Shivananda will take over from A.J. Lang, who is retiring, and will report to Lori Beer, the bank’s global chief information officer (CIO). With a strong track record in business growth and innovation, Shivananda is expected to help the bank navigate complex technological challenges.
In recent months, JPMorgan Chase has also recruited Manoj Sindhwani and Darrin Alves from Amazon to join its tech team. Sindhwani is now the CIO for the chief data and analytics office, while Alves is the CIO for infrastructure platforms, including the public cloud. The addition of these senior leaders is part of the bank’s effort to leverage technology to drive efficiency and productivity.
JPMorgan Chase has a significant tech budget of $17 billion and aims to add $1 billion to $1.5 billion in value by implementing AI. Chief Financial Officer Jeremy Barnum emphasized the importance of maximizing productivity from tech investments while attracting top talent. The bank recognizes the need to stay competitive in the rapidly evolving tech landscape and CEO Jamie Dimon has highlighted the importance of recruiting the best in AI and technology.
As tech workers now make up 20% of the bank’s global workforce, JPMorgan Chase is focused on strengthening its technical capabilities to drive innovation and growth. By bringing in experienced leaders like Shivananda, Sindhwani, and Alves, the bank is positioning itself for success in the digital age.