NEW YORK (Diya TV) — JPMorgan Chase has announced the hiring of former PayPal executive Sri Shivananda as its new chief technology officer (CTO). Shivananda will start later this month, succeeding A.J. Lang, who is retiring. He will report to Lori Beer, the bank’s global chief information officer (CIO), who also sits on the operating committee.

With a track record of business growth and innovation, Shivananda is set to help JPMorgan tackle major technological challenges. “His experience will be invaluable as we continue to innovate and improve our tech infrastructure,” said Beer. This move aligns with JPMorgan’s focus on leveraging its substantial $17 billion tech budget.

Beer has recently recruited other senior leaders from tech giants like Amazon. Manoj Sindhwani joined as CIO for the chief data and analytics office, focusing on designing and creating data and AI platforms. Darrin Alves was brought in as CIO for infrastructure platforms, including the public cloud, reflecting JPMorgan’s commitment to enhancing its tech capabilities.

JPMorgan’s tech workforce is significant, comprising 20% of its global workforce of nearly 312,000 employees. The bank’s executives have emphasized the crucial role of technology in driving efficiency and productivity. At a company presentation in May, executives highlighted the potential of artificial intelligence (AI) to add $1 billion to $1.5 billion in value.

“Improving the efficiency of both our software engineering and our physical infrastructure is a top priority,” said Chief Financial Officer Jeremy Barnum. “Our goal is to maximize productivity and attract top talent.”

The competition for tech talent has intensified, with banks vying for the best in AI and technology. “We have to compete with the best in AI and technology,” stated CEO Jamie Dimon at the May event.

Mary Erdoes, head of JPMorgan’s asset and wealth management unit, announced that all new hires would receive AI training. “This year, everyone coming in will have prompt engineering training to prepare them for the AI-driven future,” she said. AI is already making a significant impact, boosting revenue growth and saving time by eliminating repetitive tasks, which can save analysts two to four hours each day.

CEO Jamie Dimon has been vocal about the transformative potential of AI, dedicating a large portion of his annual letter to shareholders to discuss the technology. “We are investing heavily in AI capabilities, and many of these projects are self-funding,” Dimon wrote. “AI has the potential to augment virtually every job and impact our workforce composition. It may reduce certain roles but will likely create new ones as well.”

Shivananda’s appointment marks the latest high-profile tech hire for JPMorgan, following the recruitment of former Amazon executives. His departure from PayPal earlier this year, after eight years with the company and over a decade at eBay, underscores his extensive experience in the tech industry.