JPMorgan Chase tech spend falls 8% in Q4

JPMorgan Chase reported increased revenue and mobile usership in the fourth quarter of 2022 despite a year-over-year decrease in tech spend. WHY IT MATTERS: The $3.3 trillion bank’s tech spend in Q4 fell 8% YoY to $2.2 billion while total tech spend for 2022 declined 6% YoY to $9.3 billion, according to the bank’s earnings supplement released today. [caption id="attachment_219739" align="alignright" width="300"] Photo by Bloomberg Mercury [/caption] For the full year 2021, JPMorgan’s tech spend totaled $9.9 billion, dropping 4% YoY, according to the bank’s 2021 earnings supplement. BY THE NUMBERS: JPMorgan posted for Q4: Revenue clocked in at $35.6 billion, up 17% YoY. Additionally, full-year 2022 revenue reached $132 billion, up 6% from 2021; Non-interest expenses increased 7% YoY to $19 billion; and Mobile usership grew to 49.7 million users, a 9% YoY jump. NOTEWORTHY: In December, the bank filed suit against Charlie Javice , founder of college financial-planning website Frank , which the bank acquired in 2021. The bank alleges that Javice defrauded it by disclosing a false number of Frank platform users during the acquisition process – despite the bank’s due diligence efforts. “When you are getting up to bat 300 times a year, you are going to have errors,” Chief Executive Jamie Dimon said today during the bank’s Q4 earnings call. “This thing, in one way or another, it was a huge mistake.” Although the mistake has caused a headache for the bank, "there are always lessons learned,” Dimon said. “We don’t want our company to be so terrified of errors that we don’t do anything.” FLASHBACK: The bank announced several acquisitions in 2022 including cloud-based plan management software Global Shares , cloud native payments technology company Renovite Technologies and cloud-based payments fintech Viva Wallet . FUTURE LOOK: In 2023, factors including higher labor inflation, the annualization of 2022 hires and continued investments in the business – including technology – increase the bank’s adjusted expense outlook to $81 billion, up from $75.9 billion in 2022, according to the earnings presentation. The new year will also bring a “modest headcount increase,” Chief Financial Officer Jeremy Barnum said during the call. “Which are primarily in connection with executing our investments.” [stock_market_widget type="inline" template="generic" assets="JPM" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" display_currency_symbol="true" api="yf"]. Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673636584390.1673642239848.712&__hssc=41615677.3.1673642239848&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673636584390.1673642239848.712&__hssc=41615677.3.1673642239848&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

JPMorgan Chase tech spend falls 8% in Q4

Mobile users grew to 49.7M, up 9% YoY

Bank of America continues talent, tech investments

JPMorgan, BofA show gains in headcount as Wells Fargo’s drops

Related Posts

AI-driven ‘SaaSpocalypse’ fears overblown, experts say

Is Your Technology Supplier There for You?

Bluevine’s AI chatbot resolves 80% of customer queries

JPMorgan, BofA show gains in headcount as Wells Fargo’s drops

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Is Your Technology Supplier There for You?

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

JPMorgan Chase tech spend falls 8% in Q4

Mobile users grew to 49.7M, up 9% YoY

Bank of America continues talent, tech investments

JPMorgan, BofA show gains in headcount as Wells Fargo’s drops

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day