JPMorgan has made a change in its giant corporate and investment bank.
The bank has promoted Lori Beer to the role of chief information officer (CIO) for the corporate and investment bank, according to a memo seen by Business Insider.
“In an organisation as diverse as the Corporate & Investment Bank (CIB), a strong leader who can navigate our rapidly changing environment is now more important than ever,” the memo said.
In her new role, Beer will oversee as many as 10,000 technology employees.
Beer joined the bank in 2014 as CIO for banking, having previously spent 15 years at Wellpoint, the health insurer now known as Anthem. She filled various roles at that company, including CIO and head of operations. She was also responsible for developing the first commercial healthcare applications for IBM’s Watson technology.
“Her experience in driving the transformation of technology in a highly complex and disparate environment and delivering a multi-year strategy ensures that we’ll continue to execute and advance against our CIB and Global Technology priorities,” the memo said.
She will report to Dana Deasy, global chief information officer, and Sanoke Viswanathan, chief administrative officer for corporate and investment bank. Deasy joined the bank in 2013 from BP, while Viswanathan joined from McKinsey.
Technology is a big focus at the JPMorgan. Business Insider reported late last year that the bank was “aggressively” investing in the next generation of technology like blockchain and robotics and that the investment drive in these areas was part of its “major priorities” in 2016.
In February, JPMorgan CFO Marianne Lake said the bank was “a technology company,” with 40,000 technologists, including 18,000 developers “creating intellectual property.” It has a $9 billion technology budget.
More recently, the bank appointed David Hudson to the new role of global head of markets execution. His promotion is part of an effort by JPMorgan to adapt to changing market structures.
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