JPMorgan Chase hired former PayPal executive Sri Shivananda as its new chief technology officer (CTO), the bank said in a memo on Monday, the latest senior hire tasked with deploying some of its $17 billion tech budget. Shivananda will start later this month and succeed A.J. Lang, who announced his plans to retire earlier this year, according to the memo seen by Reuters. The new executive has a track record of business growth and innovation that will help JPMorgan to "tackle complex technological challenges," Beer wrote.
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JPMorgan Chase s board said an orderly CEO transition is a top priority for the largest US bank in the medium term, 18 years after Jamie Dimon took the helm.