WOW, $9.5 Billion for a new headache and nightmares. Yup, that’s what Jamie Dimon got for J.P.Morgan Chase’s technology investment that has made it so easy to electronically transact business INCLUDING forex trading. JPMC just had a $100M mobile forex trade placed from a cell phone the other day. Awesome. As Mr Dimon said, “they may have to have breathalyzers on those devices” for “evening meetings”. Ah technology.
“How fast is technology spreading at big banks? A currency trader recently made a $100 million bet through J.P. Morgan Chase & Co. with a cell phone.
So says J.P. Morgan Chairman and Chief Executive Jamie Dimon during an interview with Yahoo Finance on Tuesday after the release of his annual shareholder letter.
Responding to a question from a student on innovation in financial services, Mr. Dimon talked about how the nation’s largest bank spent $9.5 billion on technology and how often customers were using electronics in a variety of businesses, including the bank’s foreign exchange business.
While providing little in the way of detail about the specific trades, Mr. Dimon said “We had someone do a $100 million F-X trade on their mobile phone the other day.”He then transitioned to joking about a potential future innovation that could save banks and investors money – keeping people from doing trades after a few drinks.
What they’re going to have to do one day is “put a breathalyzer on that phone, so you don’t feel macho after dinner and a drink or two and say – I’m going long the yen!” Mr. Dimon blew into his hand to simulate the process, drawing laughs from the crowd.
On a more serious note, Mr. Dimon also highlighted the importance of the technology investments J.P. Morgan has made and continues to make, some of it within the bank and sometimes with fintech partnerships….”
Source: WSJ (may require paid subscription)