JPMorgan technology spend in 2023 will climb above $15 billion the investment bank has revealed – with cloud accounting for 38% of its total infrastructure outlay, as it continues a major application modernisation programme that is heavily focused on a shift to public cloud.
The bank is targing $1.5 billion in productivity and cost efficiencies by 2025 – including by breaking a wide range of monolithic applications into modular and API-driven architectures to improve cost elasticity.
Executives said that despite the huge spending, efforts to-date have seen it hold run-the-bank IT infrastructure expenses to just 2% growth even as storage and compute volumes surged by 50% between 2019 and 2022. (The $15.3 billion in JPMorgan technology spending in 2023 equates to c.18% of a total anticipated expenses bill this year of $81 billion.)
