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869 A Tangled Mess of Tech: JPMorgan’s Tall Task to Integrate First Republic

The Information
Michael Roddan @ The Information · 08/31/2023 09:00 EDT

A Tangled Mess of Tech: JPMorgan’s Tall Task to Integrate First Republic

In the hours after JPMorgan Chase bought troubled First Republic Bank for $10.6 billion in a government fire sale, its consumer banking chiefs Marianne Lake and Jennifer Piepszak—both potential successors to CEO Jamie Dimon—flew to California. What they found when they arrived the morning of May 1 was startling: The business JPMorgan bought was hamstrung by a tangle of old tech systems that held together a patchwork of hundreds of individual applications enabling basic tasks such as depositing and lending..

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