JPMorgan hires ex-PayPal exec as CTO – Reuters

Shivananda will join the bank later this month, reporting to CIO Lori Beer and replacing the retiring AJ Lang, says Reuters, citing a memo.

Shivananda left PayPal at the beginning of 2024 after eight years at the payments giant, most recently as CTO. Before that he logged more than a decade at eBay.

In the memo, Beer says Shivananda’s track record of innovation will help JPMorgan “tackle complex technological challenges”.

He is the latest high-profile tech hire, following two ex-Amazon staffers: Manoj Sindhwani as CIO for the chief data and analytics office and Darrin Alves as CIO for infrastructure platforms. Meanwhile, global head of payments, Takis Georgakopoulos, is leaving.

JPMorgan has a $17 billion technology budget, with IT workers making up 20% of its 300,000+ workforce.

CEO Jamie Dimon has recently been particularly bullish on the potential of AI, likening its arrival to the development of the printing press and the steam engine.