Spear’s Review

It’s clear the new generation of artificial intelligence will transform banks inside and out – from processes that govern the internal workings of vast multinational firms, to the way their clients interact with them. 

Having been installed as chief technology officer for JPMorgan Chase & Co in 2024, it is Sri Shivananda who bears much of the responsibility for ensuring that the bank comes out on the right side of this technological revolution.

He is building on a sturdy foundation. The financial giant has a tech budget of some $17 billion and has topped a recent index of AI adoption within banking, which ranked 50 of the largest banks in North America, Europe and Asia on more than 100 ‘individual indicators drawn from millions of publicly available data points’. 

Tech workers make up a fifth of the bank’s global workforce, which totals around 312,000 employees. At a presentation in May 2024, executives told investors that effective implementation of AI could boost the bank’s value by $1 billion to $1.5 billion. ‘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,’ said CFO Jeremy Barnum.