JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.
- JPMorgan hired Sri Shivananda as its firmwide CTO, replacing Andrew Lang, who is retiring.
- JPM also hired Manoj Sindhwani, a new data and analytics exec, reporting to Lori Beer in April.
- The new tech chiefs show how JPM is assembling its leadership around artificial intelligence.
JPMorgan is reshaping its top tech ranks for an AI future.
This week, JPMorgan brought on Sri Shivananda to replace Andrew Lang, who's set to retire this year, as its firmwide chief technology officer, according to a company memo viewed by Business Insider. Shivananda held the same position at PayPal and will report to Lori Beer, JPMorgan's global chief information officer.
Earlier this year, Shivananda led the rollout of several new AI tools at PayPal, including one that predicts how customers would like to check out.
Shivananda's arrival marks the second big tech hire for JPMorgan, which spends some $17 billion a year on technology, the last few months.
In April, Manoj Sindhwani was tapped to be the chief information officer of the Chief Data and Analytics Office. Sindhwani was hired from Amazon, where he ran teams for Amazon Alexa and other chatbot-like technologies.
The new additions to Beer's leadership table are a sign that America's biggest bank is placing key executives who will play a crucial role in JPMorgan's AI future. JPMorgan Chief Executive Jamie Dimon has been vocal about the technology's early impact on the bank's workforce, saying "it's going to change every job," at a company investor day in May. The bank has been on a hiring tear to support its AI ambitions, with its team comprising of more than 2,000 AI/ML experts and data scientists, with some fetching base salaries of $275,000.
JPM has more than 400 live applications that span the bank, from fraud and marketing to the private bank and compliance, Dimon said in his annual letter to shareholders in April. In May, Dimon said JPM was on track to double the number of use cases to 800 by the end of this year. A key piece to the AI puzzle is the Data and Analytics organization, formed last June and led by Teresa Heitsenrether, JPMorgan's firmwide chief data and analytics officer.
Business Insider mapped out key tech executives at JPMorgan who report to Beer and help her lead the bank's massive tech org.
Shivananda is the newest face at Beer's leadership table. He succeeds Andrew Lang, who is set to retire this year.
Shivananda spent much of his career at eBay and PayPal, where he played an instrumental role in decoupling systems between the e-commerce and digital payments giants as they split into two entities in 2015. He started at eBay in 2002, where he quickly rose the ranks from a senior software engineer. He became CTO and CIO at PayPal 14 years later, according to his LinkedIn.
Shivananda's vast experience spans payments and retail, but his expertise in back-end systems and architecture will be vital as JPMorgan modernizes its tech stack. Doing so will be paramount in fully taking advantage of AI, which Shivananda also has experience with. Earlier this year, PayPal debuted a slew of AI tools that predict shoppers' check-out preferences and suggest personalized shopping recommendations.
Sindhwani supports Heitsenrether and her budding Chief Data and Analytics Office, a group getting America's largest bank's mountains of data into shape. The team, launched last June, sits at the heart of JPMorgan's AI initiatives as data is the lifeblood of AI and machine learning models. He joined JPMorgan in April as the group's CIO, leading teams to design and build the bank's firmwide data platforms.
He is no stranger to data at scale or AI. He hails from Amazon, where he was vice president of Amazon AGI, the tech giant's generative AI conversational services group. He also led different teams at Amazon Alexa. Coming from one of the biggest cloud providers will be a particularly useful skill at JPMorgan, which is in the middle of migrating its tech stack to the cloud.
Alves joined JPMorgan last April to oversee everything infrastructure-related, from the processing that powers JPMorgan's technology to its growing public cloud platform and the associated engineering teams.
Alves arrived from Amazon, where he led the massive group building and maintaining infrastructure for the retailer's e-commerce business. Alves' behind-the-scenes role encapsulated building and operating critical technology behind Amazon's consumer lines of business, like its network of fulfillment centers that make deliveries possible, Prime Video, and Alexa. He oversaw systems related to machine learning, engineering products, and big data.
His 30-year career has taken him to some of the largest tech companies and retailers, from Walmart and eBay to Microsoft and Skype.
Haus' remit spans some 82 million retail and small-business customers' experience using the bank's digital products and services. In May, JPMorgan detailed its plans to spend some $3.1 billion on new tech and product investments within CCB.
Haus, the CIO of consumer and community banking, joined JPMorgan in March 2020 and was promoted to head of CCB tech in September 2021. Haus was previously the head of digital technology at Chase, leading the bank's embrace of the private and public cloud for customer-facing applications. He also oversaw the transition of Chase's web and mobile apps to an open architecture model, which includes both proprietary and third-party services.
Haus joined JPMorgan from Capital One, where he last served as the CTO of enterprise products and platforms and the CIO of the retail and direct bank.
Urciuoli, a 14-year JPMorgan veteran, oversees the tech supporting the bank's asset and wealth management businesses, which generated some $20 billion in revenue in 2023.
Urciuoli's background at JPMorgan was initially in the tech underlying the bank's trading and markets businesses. As the head of capital-markets technology, Urciuoli reimagined JPMorgan's electronic equities-trading capabilities and helped develop the bank's prime-brokerage businesses, WatersTechnology reported in 2018.
Much of AWM's tech focus has been implementing generative AI. Some early tools are saving AWM analysts between two and four hours a day by automating rote tasks, AWM CEO Mary Callahan Erdoes said at the investor event in May.
Other AI applications help advisors tackle client questions in real time, pulling relevant data and providing side-by-side comparisons on potential investments, and generating sample emails to clients, she added.
Erin King is the chief information officer for JPMorgan's global banking business, which includes commercial banking, as well as global investment and corporate banking.
King joined JPMorgan in August 2020. She became the CIO of commercial banking when she took over from Anish Bhimani in 2022. Before that, she headed up wholesale lending technology for the bank, according to her LinkedIn. She came to JPMorgan from Wells Fargo, where she built up experience working on the technology underpinning Well's own commercial banking business. During King's four-year tenure at Wells Fargo, she ultimately served as the bank's tech chief for wholesale servicing, accounting, and specialty lending operations.
As JPMorgan Chase's global chief information security officer, Opet oversees information security, technology controls, risk management, and firmwide resiliency.
Opet has been with JPMorgan since 2014, most recently serving as a deputy chief information security officer. He previously served as a managing director and head of technology, cybersecurity, and technology controls. He's also a distinguished engineer, one of the bank's highest technical designations.
Before his finance career, Opet spent nine years at the global security and aerospace firm Lockheed Martin.