JPMorgan Said to Plan Tripling Size of New York Technology Hub

JPMorgan Chase & Co., the largest U.S. lender, is planning to more than triple the size of its technology hub in New York City, in order to increase space for the bank’s coders and data engineers, according to a story in Bloomberg News. The firm is in discussions to lease an additional 300,000 square feet on the upper levels of 5 Manhattan West near Hudson Yards. The bank currently occupies about 125,000 square feet in the building. JPMorgan has a $9.6 billion annual technology budget and has recently set up hubs across the U.S. for teams specializing in big data, robotics and cloud infrastructure to find new sources of revenue and reduce expenses and risks.