AP Photo/Mark Lennihan, File
JPMorgan Chase, the largest bank by assets in the US, has its eyes set on a wholesale upgrade of its deposit system.
The bank is searching for cloud engineers that will be working on "a new cloud native green field initiative to replace the current Deposits legacy platform," according to previous job postings on the JPMorgan Chase careers website and other job sites. The roles are based in Chase's regional hub in Columbus, Ohio.
Chase manages some $2.2 trillion in deposits, according to the bank's latest quarterly earnings.
A "green field" initiative is one that has no precedence in prior work, emblematic of an entirely new, bottoms-up project. Chase sees a cloud-based deposits system as a longer-term development that will be able to scale as deposits at the bank grow, according to the postings.
"This is an exciting opportunity to participate in the implementation of a Next Gen Core Banking Platform that will serve the firm during the next 20-30 years," one posting stated.
While a review of Chase's careers website shows that the bank is actively hiring in locations across the country, many openings are concentrated in Columbus, a site that employs more than 19,000 Chase employees. Several postings are for cloud engineers fluent in Java and Python, as well as for developers with experience working on Amazon Web Services (AWS) and data lake technology, referring to large data storage.
"Chase is building the next generation of core banking technology. We are actively hiring in Columbus, Ohio, Chicago and Plano, Texas, to address the needs of our customers today and into the future," Rohan Amin, Chase's chief information officer, told Insider in an email statement.
In December, meanwhile, Insider reported that Chase was staffing up roles in Columbus to fill a new virtual-banking program the bank is rolling out this year.
The hiring also comes as banks, particularly Chase and Bank of America, reported swelling deposits as COVID-19 pandemic emergency stimulus programs fueled deposit growth.
At Chase, the bank announced during its first-quarter earnings release that average deposits had surged 36% compared to the same period last year. And at Bank of America, average deposits grew 25% over the same period to total $1.8 trillion.
The growth in deposits at some of America's largest banks hasn't gone unnoticed by investors and industry analysts. One question posed during JPMorgan's quarterly earnings conference call focused on how much of Chase's deposit share has been driven by organic growth, rather than easy Federal Reserve monetary policy brought on by the pandemic.
JPMorgan Chase CEO Jamie Dimon had a frank response.
"We think we're growing actual share in almost every business deposit, but $500 billion - $600 billion was the Fed balance sheet. And we're a big wholesale bank and a big consumer bank, so obviously a big portion in that shows up inside our company. And again, the new branches are doing great, but they're not going to move the needle quite like the Fed adding $3 trillion of deposits in the system," Dimon said.
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