JPMORGAN: 'We are a technology company'
JPMorgan CFO Marianne Lake says her firm is more than just a bank.
"We are a technology company," Lake said, speaking at JPMorgan's Investor Day on Tuesday.
JPMorgan Chase has a team of 40,000 technologists, including 18,000 developers "creating intellectual property," according to the firm.
It has a $9 billion technology budget, about one third of which is spent on investments. The firm also spends about $2 billion on security, including cyber security and proactive defense risk measures.
JPMorgan is not the first global investment bank to refer to itself as a tech company.
Goldman Sachs CEO Lloyd Blankfein has repeatedly referred to his own firm as a tech company in the past.
Here's a snapshot from Lake's presentation:
- India's foreign exchange reserves fall to $573 bn
- India's retail inflation dropped below 7% in July for the first time in four months
- Samsung announces Galaxy Watch5 Series with sleep tracking and IR temperature sensor
- India's exports rose to $36 billion in July; trade deficit almost triples
- Rupee, bond yield ends almost flat ahead of the long weekend