J.P. Morgan to overhaul asset servicing platforms 19 March 2012UK Reporter: Georgina Lavers
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J.P. Morgan is updating global trading and asset servicing platforms, as well as investing heavily in fast-growing areas such as mobile payments.
Nearly a third of J.P. Morgan’s 25,000 staff work in IT, and the company has promised investors it will use its £1.3 billion technology budget to slash trading errors, and redevelop key platforms.
Jes Staley, head of its investment bank, said the bank was over half way through a ‘strategic re-engineering’ of its technology. Three servicing platforms have already been consolidated into one, and servicing processes have been restructured. The company will also make use of its scale by establishing cross-asset platforms for financial trading.
Meanwhile, the bank's treasury and securities operations are also being updated; specifically payments processing, workflow automation and accounting processes. Future changes include the implementation of global trade and asset servicing platforms.
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