Shivananda will take over JPMorgan later this month, succeeding A.J. Lang, who declared his intention to retire earlier this year.
Sri Shivananda, a former PayPal executive, was named JPMorgan Chase’s new chief technology officer (CTO) on Monday, the bank announced in a memo. He is the bank’s newest high-level recruit and will be responsible for allocating a portion of its $17 billion tech budget.
According to the memo, Shivananda will take over later this month, succeeding A.J. Lang, who declared his intention to retire earlier this year. The bank’s global chief information officer (CIO), Lori Beer, who also serves on the operational committee, will be his supervisor.
JPMorgan will benefit from the new executive’s proven track record of corporate expansion and innovation as they “tackle complex technological challenges,” according to Beer. She just hired two top executives from Amazon as well. In order to build and develop data and analytics platforms, Manoj Sindhwani was hired as CIO for its Chief Data and Analytics Office in April. Darrin Alves was hired as CIO for infrastructure platforms, which include its public cloud, last year.
About 312,000 people work for the bank worldwide, of which 20% are tech workers. The bank may gain between $1 billion and $1.5 billion in value from implementing Al, executives and investors said in a May business presentation. Chief Financial Officer Jeremy Barnum stated in May that drawing talent and “improving the efficiency of both our software engineering and our physical infrastructure is a top priority, with the end goal being to get maximum productivity out of tech dollars” were the main priorities.
In recent years, banks have had to compete fiercely to attract tech personnel. “We have to compete with the best in technology,” Jamie Dimon, the CEO, stated during the May gathering.
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