Sector report: finance

Jamie Dimon, CEO of JPMorgan Chase, said the US-listed bank would spend up to $12bn on technology this year. He gave the reason for this in an earnings call in January, saying: “There is global competition. There is non-bank competition, direct lending competition. There is fintech competition, there is PayPal competition. There is a lot of competition and we intend to win and sometimes you need to spend a few bucks.”

The problem for the banks and other traditional financial…

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James Mawson

James Mawson is founder and chief executive of Global Venturing.