JPMorgan continues its cloud migration efforts as it works to move its applications and data to the cloud this year. 

“Getting our tech to the cloud, … it’s essential,” Chief Executive Jamie Dimon said today in his 2023 letter to shareholders. 

The $3.7 trillion bank plans to move 70% of its applications and 75% of its data to the public or private cloud by 2024, Dimon said. Today, 50% of the bank’s applications run a large part of their processing in public or private cloud, and 70% of its data is running on the cloud. 

Dimon listed the following benefits from cloud migration:

• Accelerates speed to market of new services; 
• Reduces computing costs; 
• Provides computing capability across the bank’s data; and 
• Allows for quick adoption of new technology. 

Approaching cloud migration 

The bank carefully considers which applications are best suited for the public and private clouds based on expense, security and capabilities, Dimon said. 

The bank is taking a multi-cloud approach to avoid “lock-in,” he said. This term refers to the forced use of a specific cloud provider because it hosts the entirety of a bank’s data. 

Lastly, Dimon said: “We intend to maintain our own expertise so that we’re never reliant on the expertise of others, even if that requires additional money. 

“As a global leader across businesses and regions, we have large amounts of extraordinarily rich data that, together with AI, can fuel better insights and help us improve how we manage risk and serve our customers,” Dimon said. “In addition to making sure our data is high quality and easily accessible, we need to complete the migration of our analytical data estate to the public cloud.”