JPMorgan Chase (JPM.N) taps former PayPal executive Sri Shivananda as its latest CTO, with a focus on maximizing its $17 billion technology budget. Shivananda, set to begin later this month, replaces A.J. Lang, who is retiring. He will report to Lori Beer, the bank’s global chief information officer (CIO), who is also a member of the operating committee.
Beer stated that Shivananda’s history of business growth and innovation positions him well to address JPMorgan’s complex technological challenges. Additionally, Beer recently brought in two senior leaders from Amazon: Manoj Sindhwani as CIO for the chief data and analytics office in April, and Darrin Alves as CIO for infrastructure platforms, including the public cloud, last year.
Approximately 20% of the bank’s nearly 312,000 global employees are tech workers. Executives have projected that implementing AI could add between $1 billion to $1.5 billion in value to the bank, aiming to optimize software engineering and physical infrastructure efficiency. Chief Financial Officer Jeremy Barnum emphasized the importance of maximizing productivity from tech investments while also attracting top talent.
JPMorgan faces intense competition in recruiting tech workers, with CEO Jamie Dimon stressing the need to compete with the best in AI and technology during a May event.
