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Jamie Dimon’s next act? Wall Street’s top tech mogul

There is a technology arms race in finance. The banks that can afford to spend the most will reap the greatest rewards

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Published Wed, May 25, 2022 · 02:09 PM
    • What Jamie Dimon and his team are trying to do is think like the big tech companies and exploit the same "winner takes all" principles that helped them dominate in their fields.
    • What Jamie Dimon and his team are trying to do is think like the big tech companies and exploit the same "winner takes all" principles that helped them dominate in their fields. REUTERS

    Paul J Davies

    JAMIE Dimon delivered an almost upbeat message on the US economy on Monday: Recession worries and inflation were storm clouds that could blow away, not the kind of hurricane that struck in 2008.

    But attendees at JPMorgan Chase & Co’s investor day weren’t there to hear the chief executive officer discuss that, even if the message did boost the stock by 6 per cent on Monday. What they wanted was to understand the bank’s big hike in costs. Its investment budget for this year is US$14.7 billion, up one-third from 2021. It includes a 20 per cent jump in technology spending to US$6.7 billion.

    JPMorgan ChaseJamie Dimon

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