JPMorgan is repositioning its top tech company for an AI future.
JPMorgan named Sri Sivananda as its enterprise chief technology officer this week, replacing Andrew Lang, who is set to retire this year, according to an internal memo seen by Business Insider. Sivananda, who holds the same role at PayPal, will report to Lori Beer, JPMorgan's global chief information officer.
Earlier this year, Sivananda led the rollout of several new AI tools at PayPal, including one that predicts how customers want to check out.
Sivananda's joining marks the second big tech hire for JPMorgan in recent months as the bank spends about $17 billion annually on technology.
In April, Manoj Sindhwani was named chief information officer for the Office of Chief Data and Analytics, having been hired from Amazon, where he led the team behind Amazon Alexa and other technologies like chatbots.
Beer's new additions to his executive team mark the largest bank in the U.S. to appoint executives who will play key roles in JPMorgan's AI future. JPMorgan CEO Jamie Dimon has been vocal about the technology's early impact on the bank's employees, saying “every job is going to be transformed” during the bank's investor day in May. The bank has been on a hiring spree to support its AI ambitions, with a team of more than 2,000 AI/ML experts and data scientists, some with base salaries reaching $275,000.
In his annual letter to shareholders in April, Dimon said JPM has more than 400 live applications across the bank, from fraud and marketing to private banking and compliance. In May, he said JPM plans to double the number of use cases to 800 by the end of this year.A key piece of the AI puzzle is the data and analytics organization, formed last June and led by Theresa Heitsenrezar, JPMorgan's enterprise-wide chief data and analytics officer.
Business Insider compiled a list of JPMorgan's key technology executives who report to Beer and help lead the bank's sprawling technology organization.
