JP Morgan to spend $12bn on technology

JP Morgan has predicted its technology spending will hit $12 billion in 2022, according to sources reported by The Financial Times.

The US banking giant said this figure will come as part of an 8 per cent increase in this year’s overall expenses to around $77 billion.

Jamie Dimon, chief executive at JP Morgan, said the bank would need to “spend a few bucks” to beat competitors.

JPMorgan’s chief financial officer Jeremy Barnum attributed the increase in spending to the “amount of competition out there in the market”.

The newspapers sources said part of the funding is set aside to fund cloud computing and data centres, as well as for market costs and for expansion into the UK.

The statement comes after Dimon highlighted banks’ reliance on legacy systems as a weakness in April 2021, which he said need to be moved to the cloud if they are to remain competitive.

The chief executive said that as the importance of cloud, AI, and digital platforms grows, these competitive threats will become even more formidable.

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