JPMorgan is Targeting Silicon Valley Tech Talents and Technology Firms

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JPMorgan Chase & Co. has been expanding its technology offerings, teaming up with companies like Uber and Amazon to offer investment and strategic advice. 

The bank is also trying to attract talent in Silicon Valley and has invested in three start-ups: Clover Health, a healthcare software maker; Buzzfeed; and CareZone. JPMorgan Chief Financial Officer Marianne Lake said, “We’re very focused on our customer experience. 

And we see technology—and really innovation more broadly—as a way to be much faster and better at that than we’ve been in the past.”

JPMorgan has more than 10,000 engineers and technology employees on its staff. Technology also accounts for about one-third of JPMorgan’s $24 billion annual spending budget. The bank will be opening a new office in Palo Alto, California soon to attract additional talent.

 JPMorgan has gone from one or two dealmakers who focused on tech to 30 people across the business.

JPMorgan has been offering strategic advice to companies that are considering initial public offerings or sales, including Snap Inc., Blue Apron Holdings Inc., and Fitbit. The bank also helped Ancestry.com take itself off the market. JPMorgan is working with Silicon Valley tech firms in order for them to get a higher valuation when they go for an IPO.

JPMorgan is looking to hire more tech talent, but this poses a major challenge considering the bank’s reputation isn’t nearly as good as that of Google or Amazon. JPMorgan can help some start-ups grow while also tapping into their technology through its investment arm.

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