Bank bosses moan of a shortage of deal talent. The brightest minds chase lucrative opportunities in venture capital, private equity, cryptocurrencies and technology. Some have made enough money to say no to 100-hour week grinds. The irony is that even as machines and automation play an ever bigger role, expensive professionals remain hot commodities.
JPM’s boss has effectively told shareholders they are going to have to accept that reality. JPM, however, also shocked observers when it said that the bank would need to spend $12bn alone on technology upgrades in 2022.
https://www.ft.com/content/b51ebcd5-3a8a-44e0-b8f0-06b927df0962