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August 14, 2012

JPMorgan invests $500m to set up new Data Centre

The new data centre is expected to speed up transactions

By CBR Staff Writer

US based financial services firm JPMorgan Chase has invested $500m in building a new data centre in the country.

According to the firm, the data centre would speed up transactions and its investment in products which include ATMs and apps would allow mobile transactions including deposition of cheques.

JPMorgan Chase CEO Jamie Dimon was quoted by New York magazine as saying that the company’s data centre investments are one of the advantages of the banking company’s massive scale.

"There are huge benefits to size," Dimon said.

"We bank Caterpillar in like 40 countries. We can do a $20 billion bridge loan overnight for a company that’s about to do a major acquisition."

According to news agencies, the investment is about the same amount of money which Google and Microsoft have invested in their largest data centres for operating their cloud networks.

JPMorgan Chase currently operates two large data centres in Delaware and a 400,000ft2 facility, while has also acquired data centres in the early 2008.

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The firm has recently lost $5.8bn in its London Trading operations due to the actions of a single trader called the ‘London Whale’, but the loss had not even dented the amount of cash the company has earned in 2012.

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