JPMorgan Chase has tapped former PayPal and eBay executive Sri Shivananda as its new firmwide technology chief, according to a Monday memo seen by Banking Dive.
Shivananda will succeed A.J. Lang, who will retire after six years with the company, on June 24. Shivananda will report to the bank’s global chief information officer, Lori Beer.
His “proven ability to drive business growth, accelerate innovation, enhance product and service quality and optimize productivity and efficiency will be invaluable as we tackle complex technological challenges in the months and years ahead,” Beer wrote in the memo.
Shivananda spent eight years as technology chief at PayPal, preceded by decades in tech.
During his time at PayPal, including a year as vice president of platform and infrastructure, the company grew from 170 million customers and $280 billion in payments in 2015 to 420 million customers and $1.5 trillion in payments, according to a LinkedIn post by Shivananda when he exited the firm in January.
He joins recent JPMorgan hires Manoj Sindhwani, who took the role of CIO for the chief data and analytics office in April, and Darrin Alves, who became CIO for infrastructure platforms last year.
JPMorgan has been investing in its tech workforce amid its implementation of AI, which could be a billion-dollar value-add for the bank, COO Daniel Pinto said at the company’s investor day, without elaborating, according to Reuters.
CEO Jamie Dimon has said AI is “going to change every job.”
Tech workers make up one-fifth of the megabank’s 312,000-employee workforce, according to Reuters.
"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," CFO Jeremy Barnum said in May.
Correction: This article has been updated to reflect that Lori Beer's memo only referenced the appointment of a new firmwide CTO.
