JP Morgan is investing billions into its technology, and it appears to be paying off.
JP Morgan’s corporate investment banking division CEO Daniel Pinto announced Tuesday that one of the bank’s clients used their cell phone to make a $100 million trade. The bank spends over $9.5 billion on technology alone and is always looking to allocate more funds towards new investment opportunities and innovative ideas. Pinto’s announcement Tuesday may be proof the investments were worth the risk.
“We have seen a $100 million trade done on a mobile phone, and on peak days in 2016, $200 billion in FX was traded through our electronic channels, including our own J.P. Morgan Markets platform, which provides a range of services from research to pre- and post-trade reporting,” Pinto wrote Tuesday in an annual letter to shareholders. “The electronic evolution is advancing, and the investments we’ve made, and will continue to make, already are proving their merit to our clients.”
JP Morgan’s chief operating officer Matt Zames said the bank is looking to further its goal by attracting talent from Silicon Valley. “Attracting, retaining and developing top technology talent is paramount,” Zames wrote. “Our relationships with the external technology ecosystem helped drive value across our technology focus areas, including next-generation data and analytics platforms.”
The bank is performing well even without all the new technology. JP Morgan retained its title as the leading investment bank in the world in 2016. The bank’s revenues from trading, investment banking-related activity and mergers and acquisitions was $25.2 billion in 2016, up 11 percent from the previous year.
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