Two JPMorgan bankers say the bank's $1.5 trillion market-share push is structurally different from past expansion. Vasudha Saxena, running the project, called it the hardest work of her 25-year career.
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Vasudha Saxena has spent 25 years in banking. The work she is doing now, she said, is some of the hardest she has ever taken on.
Saxena runs what she calls the "engine room" of a project she described as a "startup like none other." That startup sits inside JPMorgan Chase. Its goal: a $1.5 trillion effort to expand the bank's dominance in U.S. markets.
Two bankers involved in the push told Reuters the scale and complexity of the work is unlike anything they have handled before. The project touches trading infrastructure, client onboarding, and risk systems that have to run across multiple asset classes without downtime.
JPMorgan is already the largest U.S. bank by assets. The initiative targets deeper market share in equities, fixed income, and derivatives – areas where the bank already holds a top-three position. The bankers said the ambition is not incremental. It is structural.
One of the bankers described the effort as building a new operating layer on top of the existing bank, rather than patching old systems. That means rewriting how trades clear, how collateral moves, and how risk is calculated in real time.
The bank has not disclosed a specific timeline for completion. The two bankers said the project is expected to run several years, with milestones tied to regulatory approvals and technology upgrades.
Saxena is hiring. She said she is looking for engineers and traders who can work across silos – people who understand both the code and the P&L. The search has been difficult, she said, because the skill set is rare.
JPMorgan declined to comment further on the project's scope or budget.
The effort comes as other large banks pull back from capital-intensive businesses. JPMorgan has gone the other direction, investing through cycles. The two bankers said that willingness to spend during uncertainty is what makes the current push different from past expansion plans.
Saxena said the hardest part is not the technology. It is getting hundreds of people to move in the same direction at the same time, inside a bank that already runs $4 trillion in assets.
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