JPMorgan to Spend $9 Billion on Blockchain, Big Data and Robotics in 2016

JP Morgan is “aggressively” investing in the next generation of technology like blockchain and robotics and its investment drive in these areas is part of its “major priorities” in 2016, according to an internal memo seen by Business Insider.

In an exclusive, reporter Lianna Brinded got her hands on a note sent to employees by Daniel Pinto, head of JP Morgan’s Corporate and Investment Bank, showing that company wants to ensure its $9 billion (£6 billion) investment in technology continues in 2016 and that Blockchain, big data, and robotics will be their focus.

As we look ahead to 2016, one of our major priorities will be to aggressively pursue the innovative technologies that we have been making investments in. Internal working groups have made significant advances this year and will be provided even more freedom to develop market-leading platforms in 2016. We have also established teams dedicated to areas such as blockchain technology, big data applications and robotics.

In his note to employees, Pinto expresses his “thanks and appreciation to all of you for the outstanding work,” and says 2015 saw JPM evolve alongside the “momentous transformation” of the banking industry. This was done by radically growing investment in, and focus on, technology.

He goes on:

Being the industry leader means driving change, not following it, which is why we have also been working and investing alongside established technology companies, as well as ambitious, young start-ups that are looking at a wide range of technological advancements.

Blockchain News recently reported on a number of tech giants and leading banks including JP Morgan, IBM, Intel, Cisco, London Stock Exchange Group, and State Street have now come forward to create a blockchain project they are calling the ‘Open Ledger Project’, overseen by Linux Foundation.