JPMorgan to Spend $9 Billion on Blockchain, Big Data and Robotics in 2016

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JP Morgan is “aggressively” investing in the next generation of technology like blockchain and robotics and its investment drive in these areas is part of its “major priorities” in 2016, according to an internal memo seen by Business Insider.

In an exclusive, reporter Lianna Brinded got her hands on a note sent to employees by Daniel Pinto, head of JP Morgan’s Corporate and Investment Bank, showing that company wants to ensure its $9 billion (£6 billion) investment in technology continues in 2016 and that Blockchain, big data, and robotics will be their focus.

As we look ahead to 2016, one of our major priorities will be to aggressively pursue the innovative technologies that we have been making investments in. Internal working groups have made significant advances this year and will be provided even more freedom to develop market-leading platforms in 2016. We have also established teams dedicated to areas such as blockchain technology, big data applications and robotics.

In his note to employees, Pinto expresses his “thanks and appreciation to all of you for the outstanding work,” and says 2015 saw JPM evolve alongside the “momentous transformation” of the banking industry. This was done by radically growing investment in, and focus on, technology.

He goes on:

Being the industry leader means driving change, not following it, which is why we have also been working and investing alongside established technology companies, as well as ambitious, young start-ups that are looking at a wide range of technological advancements.

Blockchain News recently reported on a number of tech giants and leading banks including JP Morgan, IBM, Intel, Cisco, London Stock Exchange Group, and State Street have now come forward to create a blockchain project they are calling the ‘Open Ledger Project’, overseen by Linux Foundation. 

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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