New technology has allowed JP Morgan Chase to increase the use of low cost sites by 14 percent. Mike Cavanagh, CEO of Treasury & Securities Services at JP Morgan Chase, has said that an IT overhaul has allowed the bank to “optimise the location strategy” of staff, increasing the use of low cost sites from 26 to 40 percent.

The financial giant has been working to upgrade key technology which has seen many legacy systems removed, increases in automation and better virtualisation. These upgrades come as part of JP Morgan’s commitment to an IT overhaul looking to improve business processes, product development and cut trading costs following a new commitment to global trading and cross asset servicing platforms.

With nearly a third of all 25,000 employees working in IT, JP Morgan is set to experience huge savings.