JPMorgan is migrating its operations to the cloud with an eye on growth, penetrating new geographies and making its infrastructure more agile.

JPMorganChase launched its consumer bank in the United Kingdom in 2021, built from the ground up on Amazon Web Services, John Kain, head of financial services market development at AWS, told Bank Automation News. 

JPMorgan had 100 applications on the AWS cloud in 2022, compared to nearly 1,000 at the end of 2024, Kain said. The bank last year also migrated chase.com, its flagship “consumer app that also powers their mobile experience to AWS, reducing costs and uplifting resiliency.”  

Applications including core banking services, deposits and payments have all migrated to the AWS cloud, Kain said. JPMorgan is one of the largest payments processors globally, and migrating operations to the cloud has given the bank computing power that can be increased or reduced to efficiently analyze risk and market volatility, he said. 

The bank processes nearly $9.8 trillion in payments on a daily basis, according to JPM’s website. 

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Cloud migration as strategy 

Cloud migration is a major element of JPMorgan’s modernization strategy, JPMorganChase Chief Executive Jamie Dimon wrote in his April 2024 annual letter to shareholders. 

“Getting our tech to the cloud … it’s essential to fully maximize all of our capabilities,” Dimon said. “Approximately 70% of our data is now running in the public or private cloud.” 

The New York-based bank is moving operations and data to the cloud to: 

• Reduce time to market for new services; 

• Shrink computing costs;  

• Provide computing capability across the bank’s data; and  

• Allow for quick adoption of new technology. 

The $3.5 trillion bank has multiple cloud partners in addition to AWS, including Google Cloud, Dimon said in the letter, adding that it takes this approach to avoid a “lock-in” with one vendor. JPMorgan will invest $2 billion in developing four private cloud data centers in the United States in 2024, Dimon said in the letter. 

Ally, Citi, Citizens and ING have all opted for a multicloud approach to distribute risk and make operations less vulnerable to downtimes. 

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