JPMORGAN: We're a technology company

JPMorgan CFO Marianne Lake says her firm is more than just a bank.

“We are a technology company,” Lake said, speaking at JPMorgan’s Investor Day on Tuesday.

JPMorgan Chase has a team of 40,000 technologists, including 18,000 developers “creating intellectual property” according to the firm.

It has a $9 billion technology budget, about one third of which is spent on investments. The firm also spends about $2 billion on security, including cyber security and proactive defence risk measures.

JPMorgan is not the first global investment bank to refer to itself as a tech company.

Goldman Sachs CEO Lloyd Blankfein has repeatedly referred to his own firm as a tech company in the past.

Here’s a snapshot from Lake’s presentation:

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