JP Morgan is currently going through some changes in executive leadership.
There’s a bit of a race going on to see who will replace CEO Jamie Dimon. At the same time, the largest American bank by assets is looking for new places to place its massive $10.8 billion annual tech budget.
JP Morgan has a special place in America’s financial sphere, as banks and other financial institutions (as well as many individuals) look to them first when it comes to developments in the financial industries. Right now it should come as no surprise that America’s biggest bank by assets is investing heavily into tech. Tech is a huge industry that is changing the world in so many ways every day, but for JP Morgan it’s also a great way to lure millennial investors. Millennials have proven to be very passionate about tech, and this passion is carried from the home onto the markets. In fact, according to Business Insider, a top executive at the huge bank reports that investment banking clients want JP Morgan to continue being a bank, not a tech company.
While JP Morgan has a massive tech budget, it’s far from the only space they invest in. Regardless, tech isn’t going anywhere, and JP Morgan is closely involved in several huge tech projects. The bank is even building a cloud engineering hub in Seattle, very close to Amazon and Microsoft, and they plan to hire 50 people to staff the hub. This is just one example, and someone out of the know could be forgiven for mistaking JP Morgan for a large tech company with the path they’re on right now.