Over the past few years, banks have taken a forward-thinking approach to engineering and are serious about breaking free from the constraints of legacy technology. Both UBS and Deutsche Bank have made significant progress by retiring older applications and moving other applications to the cloud. JP Morgan is no exception.
In today’s JP Morgan’s Global Investor’s Day Technology Report, the bank says increasing adoption of agile methodologies alongside “high levels of automation” will reduce technology costs through productivity and efficiency. can be reduced by up to 10%. The layoffs, including some of the technical staff, earlier this year no doubt contributed to this.
The bank sees it 15% to 20% above the potential for infrastructure spending cuts. This is driven by increasing cloud adoption and the collapse of its self-proclaimed “monolithic applications.” Over the past year, 300 applications have been retired, and cloud technology’s “share of total infrastructure spending” has increased by 8%.
While most of the focus is on cost and efficiency, two engineering areas JP Morgan is prioritizing for growth are AI and data science. JP Morgan’s AI and Machine Learning team currently consists of 1,700 people, comprising 900+ data scientists, 600+ ML engineers and 200+ AI researchers. The bank hopes to reach its AI/ML impact goals.
JPMorgan plans to hire 2,000 engineers last year, and the AI hire appears to be a key part of that effort.
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