Technology spend in the third quarter was down slightly for JPMorgan Chase, despite the $3.7 trillion bank’s announcement last month that it would replace its U.S. retail core banking suite with cloud-based technology from U.K. fintech Thought Machine.

JPMorgan Chase, which reported Q3 earnings today, spent $2.5 billion in Q3 on technology, communications and equipment, 1% less than the second quarter and a 4% decrease year over year. JPMorgan, like most banks, does not break out technology as a stand-alone category.

Earnings were reported as $9.6 billion, which does not include the $2.1 billion net reserve release or an income tax benefit of $566 million, according to today’s earnings call. The bank released credit reserves of $2.1 billion “as the economic outlook continues to improve and our scenarios have improved accordingly,” JP Morgan CEO Jamie Dimon said today in a release.

During today’s call, Wells Fargo analyst Mike Mayo asked JPMorgan’s Chief Financial Officer Jeremy Barnum and Dimon about the company’s decision to move its retail bank core system to the cloud. Mayo recently made headlines for predicting automation could cut as many as 100,000 banking jobs during the next five years.

“That’s a big change,” Mayo said. “And Jamie, I would love to hear your comments on that.”

JPMorgan is converting the core general ledger and “not all the other stuff around consumer,” Dimon said. “When you do these conversion [it’s] different than conversions in the past. You’ve scheduled pieces part of the time, not all at once, like a big bang, which we used to have to do when we did big mergers and stuff like that. So I put [it] as a low risk for the company. But the core strategy hasn’t changed at all.”

The bank’s cloud strategy involves both public and private cloud, Barnum said. The shift to the cloud will allow the bank to batch processes — which typically run overnight — to real-time processing, Barnum said. APIs are central to that strategy, he added.

In other technology news, JPMorgan reported mobile users have increased significantly.

“We continue to see that the acceleration and digital adoption during the pandemic has persisted with active mobile users up 10% year on year to almost 45 million,” Barnum said.

Corporate and investment banking also fared well in Q3 with a net income of $5.6 billion, up 29% YoY and revenue of $12.4 billion, up 7% YoY. That growth might help to explain why the bank moved 1,155 technology and risk management employees from corporate to the CIB during the first half of the year, a fact noted in the earnings supplement’s footnotes.

Shares of JPMorgan Chase [NYSE: JPM] were trading at $160 as of market close, down 2.64% as of market open.