JP Morgan shakes up $2bn tech and operating costs

US bank prepares firm-wide scheme to integrate platforms and cut costs

JP Morgan is to implement a bank-wide scheme to integrate the technology and operational processes across its wholesale businesses, which it says will make substantial savings. These operations currently cost it about $2bn.

The Value for Scale initiative was unveiled last year and led by Paul Compton and Lou Rauchenberger, co-chief administrative officers of the bank's corporate and investment bank.

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