---
title: "JPMorgan hires new chief technology officer, memo says"
description: "JPMorgan Chase has hired former PayPal executive Sri Shivananda as its new chief technology officer (CTO). Shivananda will start later this month and will report to Lori Beer, the bank's global chief "
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/205948361.md"
published_at: "2024-06-10T15:00:00.000Z"
---

# JPMorgan hires new chief technology officer, memo says

> JPMorgan Chase has hired former PayPal executive Sri Shivananda as its new chief technology officer (CTO). Shivananda will start later this month and will report to Lori Beer, the bank's global chief information officer. The bank has a $17 billion tech budget and aims to tackle complex technological challenges with Shivananda's expertise. JPMorgan has also recently recruited two senior leaders from Amazon. Tech workers make up 20% of the bank's global workforce. Implementing AI could add significant value to the bank.

By Nupur Anand

NEW YORK, June 10 (Reuters) - JPMorgan Chase (JPM.N) hired former PayPal executive Sri Shivananda as its new chief technology officer (CTO), the bank said in a memo on Monday, the latest senior hire tasked with deploying some of its $17 billion tech budget.

Shivananda will start later this month and succeed A.J. Lang, who announced his plans to retire earlier this year, according to the memo seen by Reuters. He will report to Lori Beer, the bank’s global chief information officer (CIO), who also sits on the operating committee.

The new executive has a track record of business growth and innovation that will help JPMorgan to “tackle complex technological challenges,” Beer wrote.

She also recruited two senior leaders from Amazon recently. Manoj Sindhwani was brought in as CIO for its chief data and analytics office in April to design and create data and AI platforms, while Darrin Alves was hired as CIO for infrastructure platforms, including its public cloud, last year.

Tech workers comprise 20% of the bank’s global workforce of almost 312,000 employees.

Implementing AI could add about $1 billion to $1.5 billion in value for the bank, executives told investors at a company presentation in May.

“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,” while also attracting talent, Chief Financial Officer Jeremy Barnum said in May.

Banks have faced fierce competition to recruit tech workers in recent years.

“We have to compete with the best in AI and technology,” CEO Jamie Dimon said at the May event.

### Related Stocks

- [JPM.US - JPMorgan Chase](https://longbridge.com/en/quote/JPM.US.md)
- [AMZN.US - Amazon](https://longbridge.com/en/quote/AMZN.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Outdoor camera, surveillance maker Tactacam explores sale, sources say | Tactacam, a maker of outdoor cameras and surveillance technology, is exploring a sale that could value the company at ov | [Link](https://longbridge.com/en/news/276168245.md) |
| Amazon Put Options at Lower Strike Prices High High Yields | Amazon Put Options at Lower Strike Prices High High Yields | [Link](https://longbridge.com/en/news/276073960.md) |
| After Search Party backlash, Ring is still avoiding the bigger questions | Ring founder Jamie Siminoff acknowledged the backlash from its Super Bowl ad featuring mass surveillance imagery, callin | [Link](https://longbridge.com/en/news/276373235.md) |
| Coatue Management cuts share stake in Meta, Alphabet; raises in Microsoft, Amazon | Coatue Management has made significant adjustments to its shareholdings, as reported in SEC filings. The firm reduced it | [Link](https://longbridge.com/en/news/276178687.md) |
| Amazon-Backed (AMZN) X-Energy Secures First U.S. Nuclear Fuel License in 50 Years | X-Energy Reactor, backed by Amazon, has secured the first U.S. nuclear fuel license in over 50 years, allowing it to man | [Link](https://longbridge.com/en/news/275949662.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.