Wednesday, 17 July 2024
J.P. Morgan names Lori Beer as corporate and investment banking CIO
J.P. Morgan Chase & Co. has named Lori Beer as its new chief information officer for corporate and investment banking, as the bank boosts spending on technology, a spokesman confirmed Monday.
Ms. Beer has been managing director of global technology for the bank’s global banking operations, which includes investment banking and treasury services, since January 2014. She replaces Mark Ashton-Rigby as CIO, who left last month for the top IT post at Barclays PLC.
Her appointment is effective immediately, the spokesman said, though she will continue to lead the global technology team, reporting to Global CIO Dana Deasy and Corporate and Investment Banking Chief Administrative Officer Sanoke Viswanathan.
Before joining the bank in 2014, Ms. Beer worked for over a decade as a senior IT manager at health insurer Anthem Inc., under its previous name Wellpoint. Her time there included stints as executive vice president for specialty businesses and IT, and executive vice president of enterprise business services, among other posts, according to her LinkedIn profile.
J.P. Morgan in February unveiled plans to boost its technology spending to roughly $9.4 billion, from $9.2 billion, with investments in digital tools, analytics and machine learning, while seeking out FinTech partners.
The bank is exploring some uses of the public cloud and is also aiming to reduce its reliance on legacy applications – a tactic known internally as “kill the tail” – with a goal of cutting the number of apps it uses by 25%, Matt Zames, the bank’s chief operating officer, told The Wall Street Journal at the time.
As CIO, Ms. Beer will leverage her experience in “driving the transformation of technology in a highly complex and disparate environment and delivering multi-year strategy” to execute the bank’s corporate and investment banking and global tech priorities, the bank said in an internal memo reviewed by The Wall Street Journal.
She is expected to name her leadership team in the weeks ahead, the memo said.
Ms. Beer has a bachelor of science degree in computer science from the University of Dayton.
Re-disseminated by The Asian Banker
