JPMorgan Chase has announced the appointment of former PayPal executive Sri Shivananda as the company's new Chief Technology Officer (CTO). 

JPMorgan Chase Appoints Former PayPal Exec as New CTO

According to Reuters, Sri Shivananda is set to begin his role later this month, taking over from A.J. Lang, who is retiring. The former PayPal executive will report to Lori Beer, the bank's global Chief Information Officer (CIO), and also serve as a member of the operating committee.

Beer highlighted Shivananda's business growth and innovation background, which is expected to help JPMorgan Chase address complex technological challenges.

Beer also brought in two senior leaders from Amazon: Manoj Sindhwani, as CIO for the chief data and analytics office, and Darrin Alves, as CIO for infrastructure platforms.

READ NEXT: JPMorgan Chase CEO Jamie Dimon Sounds Alarm on Ballooning US Fiscal Deficit Due to High Government Spending  

AI Investment of JPMorgan Chase

Tech employees represent 20% of JPMorgan Chase's global workforce of nearly 312,000. The bank's executives told investors that incorporating AI could generate an additional $1 billion to $1.5 billion in value. 

JPMorgan Chase CEO Jamie Dimon acknowledged the intense competition for tech talent, stressing the company's need to compete with the best in AI and technology. 

READ MORE: JPMorgan Chase Is 1Ready to Leave China if Ordered by US Government, Bank CEO Jamie Dimon Says