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Paul J. Davies

Jamie Dimon's Next Act? Wall Street's Top Tech Mogul

There is a technology arms race in finance. The banks that can afford to spend the most will reap the greatest rewards.

Taking it all.

Taking it all.

Source: Bloomberg

Jamie Dimon delivered an almost upbeat message on the US economy on Monday: Recession worries and inflation were storm clouds that could blow away, not the kind of hurricane that struck in 2008.

But attendees at JPMorgan Chase & Co.’s investor day weren’t there to hear the chief executive officer discuss that, even if the message did boost the stock by 6% on Monday. What they wanted was to understand the bank’s big hike in costs. Its investment budget for this year is $14.7 billion, up one-third from 2021. It includes a 20% jump in technology spending to $6.7 billion.