JPMorgan adds two tech heads to its European board

JPMorgan adds two tech heads to its European board

US bank JPMorgan Chase and Co has recruited the technology heads of two FTSE100 companies to serve as non-executive directors, according to a report by the Wall Street Journal.

Monique Shivanandan, chief information officer (CIO) at insurer Aviva, and Jane Moran, global CIO at Unilver, will serve JP Morgan Securities, the bank's legal entitiy for its European, Middle East and African businesses.

The appointments follow the publication of a report by Accenture in October that highlighted the absence of technology professionals on major banks' boards. The report stated that of the 109 surveyed banks, only 6% of directors had any senior technology experience, despite the fact that banks' spending on technology continues to increase.

According to JPM's 2014 annual report, it spent between 8 and 9% of its annual revenues on technology, which amounts to around $9 billion.

JPM was also the victim of a massive cyberattack this year when contact information for 83 million customers was stolen. 

Comments: (1)

Gerard Hergenroeder
Gerard Hergenroeder - Payments Shark - Millersvile 11 December, 2015, 19:14Be the first to give this comment the thumbs up 0 likes

I remember when banks spent 1% of their revenues on technology. Times have really changed.