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Want to Hack the Fortune 500? Learn from the CIO with the Biggest Budget in the Game



The emperor of JPMorgan Chase’s IT department, Lori Beer, is a behemoth of bureaucratic bloat, overseeing a bloated $17 billion budget and a 63,000-person team that’s more interested in keeping the lights on than pushing the boundaries of innovation. She’s a master of managing the status quo, ensuring that the bank’s massive IT operation hums along like a well-oiled machine, even if it’s stuck in neutral.

Beer’s empire is built on a foundation of dusty, outdated technology, with data centers that are more likely to resemble relics from the Cold War era than cutting-edge hubs of innovation. But hey, who needs innovation when you can just throw money at the problem and hope for the best?

Despite her impressive title, Beer’s impact on the industry is questionable at best. She’s more of a gatekeeper, ensuring that the bank’s outdated systems continue to chug along, than a trailblazer, driving progress and pushing the boundaries of what’s possible. And don’t even get her started on AI – she’s just another suit trying to cash in on the latest buzzword, without a clue about what it actually means.

And yet, despite her lack of vision, Beer remains a respected figure in the industry, celebrated for her ability to manage complexity and keep the wheels of JPMorgan Chase’s IT operation turning. But is that really a badge of honor, or just a sign of the bank’s failure to innovate?



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