JPMorgan appoints organization-wide Chief Technology Officer
In a significant move, JPMorgan Chase has announced the appointment of Sri Shivananda as its new firmwide technology chief. Shivananda, who previously served as Senior Vice President and CTO of PayPal, will succeed A.J. Lang, who is retiring after six years with the company on June 24.
Shivananda's appointment comes amidst JPMorgan's growing focus on technology and efficiency. According to CFO Jeremy Barnum, improving the efficiency of software engineering and physical infrastructure is a top priority for the financial giant.
Shivananda brings a wealth of experience to his new role, having spent eight years as technology chief at PayPal. During his tenure, PayPal grew from 170 million customers and $280 billion in payments in 2015 to 420 million customers and $1.5 trillion in payments. He made this growth while serving as vice president of platform and infrastructure.
The hiring of Shivananda, along with Manoj Sindhwani and Darrin Alves, suggests JPMorgan is making significant moves in its technology and data departments. Sindhwani was recently hired as CIO for the chief data and analytics office, while Alves was previously hired as CIO for infrastructure platforms.
JPMorgan's focus on technology is not new. The company has been actively investing in artificial intelligence, which could potentially add a billion dollars in value, according to Reuters. COO Daniel Pinto has emphasised AI's potential impact on every job.
It's worth noting that tech workers comprise one-fifth of JPMorgan's 312,000-employee workforce. However, there are diverse opinions on how to disrupt the banking space, with as many schools of thought as there are disruptors.
In a memo, Lori Beer, the global chief information officer of JPMorgan Chase, only referenced the appointment of a new firmwide Chief Technology Officer. This appointment underscores JPMorgan's commitment to staying at the forefront of technological innovation in the banking industry.
As Shivananda takes on his new role, he will report to Beer. The exact details of his responsibilities and the direction he will steer JPMorgan's technology strategy remain to be seen. However, with his proven track record at PayPal, there's no doubt that he will bring fresh ideas and strategic thinking to JPMorgan.
In conclusion, JPMorgan's appointment of Sri Shivananda as its firmwide technology chief is a clear indication of the company's commitment to technological innovation and efficiency. As Shivananda takes on his new role, we can expect to see further developments in JPMorgan's technology strategy.
