NEW YORK, June 10 (Reuters) - JPMorgan Chase ( JPM )

hired former PayPal executive Sri Shivananda as its new chief

technology officer (CTO), the bank said in a memo on Monday, the

latest senior hire tasked with deploying some of its $17 billion

tech budget.

Shivananda will start later this month and succeed A.J.

Lang, who announced his plans to retire earlier this year,

according to the memo seen by Reuters. He will report to Lori

Beer, the bank's global chief information officer (CIO), who

also sits on the operating committee.

The new executive has a track record of business growth and

innovation that will help JPMorgan ( JPM ) to "tackle complex

technological challenges," Beer wrote.

She also recruited two senior leaders from Amazon recently.

Manoj Sindhwani was brought in as CIO for its chief data and

analytics office in April to design and create data and AI

platforms, while Darrin Alves was hired as CIO for

infrastructure platforms, including its public cloud, last year.

Tech workers comprise 20% of the bank's global workforce of

almost 312,000 employees.

Implementing AI could add about $1 billion to $1.5 billion

in value for the bank, executives told investors at a company

presentation in May.

"Improving the efficiency of both our software engineering

and our physical infrastructure is a top priority with the end

goal being to get maximum productivity out of tech dollars,"

while also attracting talent, Chief Financial Officer Jeremy

Barnum said in May.

Banks have faced fierce competition to recruit tech workers

in recent years.

"We have to compete with the best in AI and technology," CEO

Jamie Dimon said at the May event.