U.S. bank JP Morgan Chase has increased its IT investment in analytics and data in order to improve compliance controls.

JP Morgan chief executive Jamie Dimon, said that the bank had increased spending on technology by 27 per cent since 2011 to meet regulatory requirements, with around $1 billion spent in 2013 alone. JP Morgan has also increased its IT workforce by 4,000 staff since the start of 2012.

Investment had been focused on data analysis, control reporting and collecting relating to risk.

The move to develop IT to improve compliance comes after recent trading investigations, with the bank currently preparing to settle with the Federal Reserve and Securities and Exchange Commission (SEC) for $800 million relating to a loss of $6.2 billion in 2012.

Mr Dimon said: “Never before have we focused so much time, effort, brainpower, technological power and money on a single, enterprise-wide objective”.

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