J.P. Morgan cements its place as the top-spending investment bank in the world. Jamie Dimon is putting his money where his mouth is, positioning the bank for a digital future.
Fintech firms the world over are taking heart from industry-leader J.P. Morgan's increased technology budget for 2019 – the bank has a planned outlay of $11.4 billion versus the $10.8 billion it spent in 2018.
Results filings made by the American bank last week cemented its place as the top-spending investment bank in the world. Backing the statistic is the bravado one has come to expect from the bank's chief executive, Jamie Dimon, who told investors that «we can't afford it» cannot be an excuse for not capitalizing on opportunities.
A Buzzword for Many Banks
Technology innovation – dollars spent on more than the basics of replacing legacy systems or upgrading platform – span the spectrum of increasing cybersecurity, accelerating trading speed and efficiency, robots-advisory and has become a buzzword for many banks.
Asian lenders like DBS have distinguished themselves on their technology and innovation spends in a bid to cater to increasingly younger but sophisticated clients.
Top Business Priority
In its Global Banking Outlook 2018, EY found 85 percent of banks have made implementation of digital transformation as a top business priority with areas such as mobile technology, cloud technology, and data and analytics at the forefront.
