JPMorgan Chase has named Sri Shivananda, a former PayPal executive, as its new chief technology officer (CTO) in a memo released on Monday. With a strong track record in business growth and innovation, Shivananda is expected to help the bank navigate complex technological challenges and drive efficiency and productivity.
The bank has also recently 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 JPMorgan Chase’s effort to leverage technology to stay competitive in the rapidly evolving tech landscape.
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 JPMorgan Chase’s global workforce, the bank is focused on strengthening its technical capabilities to drive innovation and growth. By bringing in experienced leaders like Shivananda, Sindhwani, and Alves, JPMorgan Chase is positioning itself for success in the digital age.
