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JPMorgan Chase just reported record profits for 2019 a?? and CEO Jamie Dimon says it's due to these tech priorities

JPMorgan Chase just reported record profits for 2019 a?? and CEO Jamie Dimon says it's due to these tech priorities
Jeenah Moon/Reuters



Companies across corporate America are investing more heavily in IT, but a major question is how much return they'll get on that increased funding.




JPMorgan Chase's $11 billion annual tech budget — the largest among the Wall Street titans — helped fuel a record $36.4 billion in profits in 2019.




Those earnings were buoyed by the investment banking division's record $2.7 billion in revenue — a 10% jump from the prior year.




Among other applications, Chase is using machine learning to better match investors with the 10,000 pieces of research the company puts out every year.




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Companies eager to know whether tech investments pay off can look no further than JPMorgan Chase.
The Wall Street giant on Tuesday reported a record $36.4 billion in profits for 2019, buoyed in part by its investment banking division's record $2.7 billion in revenue for the year. CEO Jaime Dimon attributed the unit's 10% jump to Chase's $11 billion annual tech budget.
The sector "continued to add new client relationships on the back of our investments in bankers and technology in the U.S. and abroad," he said in a release. And the investments in tech like AI and cloud computing are slated to continue, alongside a focus on "innovation, talent, security and risk controls."
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