Good FT interview with Marianne Lake at Chase. This is also smashing news for start-ups as Celent forecasts that spending on technology by banks will increase 4.2% this year to just over $261bn, of which 45% will be in North America.
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JPMorgan’s $11bn fintech bazooka - Scale of bank’s spending on fintech has spooked some rivals
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The resulting $10.8bn tally for this year — which is roughly split 50/50 between “change the bank” and “run the bank” spend — has helped JPMorgan position itself at the vanguard of innovation and to instil awe and envy in many rivals. “We have never felt constrained by dollars on budgets,” said Ms Lake. “Our budget is set by the opportunity to derive shareholder value.”
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