Amid the sea of numbers that surfaced at JPMorgan Chase’s investor day, the one that stood out to a top-read analyst is this: $17 billion.
That’s the total investment the $562 billion financial firm is going to spend on technology this year, noted large-cap bank analyst Mike Mayo. “That’s a record—no bank has ever spent $17 billion on tech in one year,” Mayo told CNBC on Monday. “That’s equal to the total expenses…for the eight largest banks and that’s what JPMorgan spends on tech alone.”
