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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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.
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