Tech spend, AI fuel JP Morgan’s fight against Big Tech giants

JP Morgan Chase, which has spent more than $15 billion this year on technology, intends to invest even more to compete against tech behemoths.

JP Morgan’s status as the largest tech spender in banking was “sort of mandatory,” said CFO Jeremy Barnum, who spoke during the bank’s Q3 earnings call on Friday. 

“We’re a big and very technology-centered business, and the world is competitive, and everything’s changing,” Barnum said. “Younger generations have different expectations, and we have to be nimble and be on the front foot—otherwise we risk getting severely disrupted.”

Earlier this year, JP Morgan began experimenting with using

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