03 Aug Amidst the gloom, how CIOs are driving IT infrastructure innovation
Washington Mutual’s failure last September marked a precipitous moment of this recession. But for JPMorgan Chase, it was an opportunity. And for Guy Chiarello, JPMorgan Chase’s CIO, it was the right time to invest in the company’s IT infrastructure, including millions of dollars in new mainframe computers.
By acquiring a big chunk of WaMu’s business for $1.9 billion, including its prized West Coast branches and its pile of bad home loans, JPMorgan Chase already has boosted its revenue in retail banking and consumer lending. It upgraded to IBM’s Z10 systems shortly after the acquisition, creating a mainframe infrastructure that can handle current volume and create capacity on demand so that the company could more quickly absorb WaMu’s portfolio and customer data and have more efficient capacity for when business picks up.
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