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JPMorgan's technology spend to hit $15.3 billion as storage, compute volumes surge

A major application modernisation programme continues through a mix of refactoring, SaaS replacement and legacy decommissioning – with 2,500 decommissioned since 2017...

JPMorgan technology spend 2023
JPMorgan's Global CIO Lori Beer

JPMorgan technology spend in 2023 will climb above $15 billion the investment bank has revealed – with cloud accounting for 38% of its total infrastructure outlay, as it continues a major application modernisation programme that is heavily focused on a shift to public cloud.

The bank is targing $1.5 billion in productivity and cost efficiencies by 2025 – including by breaking a wide range of monolithic applications into modular and API-driven architectures to improve cost elasticity.

Executives said that despite the huge spending, efforts to-date have seen it hold run-the-bank IT infrastructure expenses to just 2% growth even as storage and compute volumes surged by 50% between 2019 and 2022. (The $15.3 billion in JPMorgan technology spending in 2023 equates to c.18% of a total anticipated expenses bill this year of $81 billion.)

See also: Airbnb's AWS costs were getting out of hand. Here's how it tackled them

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