JPMorgan Chase has appointed former PayPal executive Sri Shivananda as its new chief technology officer, according to an internal memo circulated on Monday.

The latest senior hire is tasked with deploying a portion of the bank's massive $17 billion technology budget.

Shivananda is set to join later this month, succeeding A.J. Lang, who announced his retirement plans earlier this year. He will report directly to Lori Beer, the global chief information officer and a member of the bank's operating committee.

In the memo which was reported on by Reuters, Beer praised Shivananda's "track record of business growth and innovation," which she believes will help JPMorgan "tackle complex technological challenges."

The appointment comes as Beer has made other high-profile tech leadership hires from major firms. In April, she recruited Manoj Sindhwani from Amazon as chief information officer for the bank's chief data and analytics office, where he will design and create data and AI platforms. Last year, Darrin Alves joined from Amazon as information chief for infrastructure platforms, including public cloud operations.

Technology personnel make up 20 per cent of JPMorgan's global workforce of nearly 312,000 employees. The banking giant is doubling down on tech talent as it aims to maintain its competitive edge and harness emerging technologies across its operations.

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