The CEO of Boston-based State Street, one of the two biggest custodian banks in the world, is planning to overhaul its business with technology, digitalisation, and automation. But living in the past doesn’t cut it in the environment banks are now operating in. In a speech at an event organised by the World Economic Forum (WEF) on Tuesday, Mr Dimon, who has been chairman since 2008, said that he was “very bullish” about technology as The bank's Project Beacon, a multi-year programme to digitalise processes, will save $550m over the next five years but cut 7,000 jobs. However, the benefits will be lower cost, lower risk and greater returns.
The CEO of Boston-based State Street, one of the two biggest custodian banks in the world, is planning to overhaul its business with technology, digitalisation, and automation. In a speech at an event organised by the World Economic Forum (WEF) on Tuesday, Mr Dimon, who has been chairman since 2008, said that he was “very bullish” about technology as The bank's Project Beacon, a multi-year programme to digitalise processes, will save $550m over the next five years but cut 7,000 jobs. However, the benefits will be lower cost, lower risk and greater returns.