JPMorgan Chase plans to host 75% of data in cloud this year

Financial services firm JPMorgan Chase revealed its plans get 75 percent of its data and 70 percent of its applications into the cloud within 2024 in a letter from CEO Jamie Dimon to JPMorgan's shareholders.

The company which stands as the world’s gifts largest bank by revenue told it’s shareholders,  “Getting our technology to the cloud - whether the public cloud or the private cloud - is essential to fully maximize all of our capabilities, including the power of our data."

According to Dimon, this will help speed up the delivery of services, reduce the cost of compute power, and enable greater amounts of compute capability to be made available via burst computing. JPMorgan will also be able to better utilize its data, and adopt new technologies, following the migration.

"The new data centers are around 30 percent more efficient than our existing legacy data centers," said Dimon. "Going to the public cloud can provide 30 percent additional efficiency if done correctly (efficiency improves when your data and applications have been modified, or “refactored,” to enable new cloud services). We have been constantly updating most of our global data centers, and by the end of this year, we can start closing some that are larger, older, and less efficient."