JP MORGAN APPOINTS FIRST BLACK CHIEF INFO OFFICER FOR TECH DEVELOPMENT

JPMORGAN Chase has appointed

James Reid as chief information officer for a new unit focused on developing and modernising technology used by the bank’s 250 000 employees, an internal memo sent on Friday showed. Reid, who was most recently head of corporate technology's engineering and architecture team, becomes the bank’s first black CIO and the first black member of its technology leadership team. JPMorgan, the largest US bank by assets, has also appointed company-wide chief data officer Melissa Goldman as chief information officer for the renamed finance, risk, data and controls technology unit, the memo said. In her role, Goldman will continue to lead a team developing technology for risk, compliance, finance, liquidity, controls and data functions.

Many banks are seeking to modernise their systems, as more customers seek to interact with them digitally, and employees work and collaborate remotely. The appointments also follow a renewed commitment by JPMorgan late last year to improve the diversity of its workforce and increase racial and gender diversity in its most senior ranks. As CIO for employee experience and corporate technology, Reid will report to the banking group’s CIO Lori Beer and lead a team that builds and maintains systems used across the bank's corporate functions, such as HR, legal and audit, tax and robotics. Reid is a “distinguished engineer”, a title given to a select group who drive the firm’s tech strategy, as well as a member of the Cloud Design Council and a leader of diversity and inclusion initiatives. Prior to joining JPMorgan in 2019, Reid worked at Equifax for 17 years as senior vice-president of core software engineering.