More than $600 million for worldwide securities services.

NA

2,200

All of the direct management and accountability for all technology projects rest in-house, but we are continuing to use vendors in the offshoring space as well as some of the domain-specific areas, such as fund services.

Microsoft, IBM, SunGard, DST and Advent Geneva. And we've added Cognizant for offshoring services.

We're very metrics-focused in terms of how we measure both project delivery and production. We're probably doing a lot more around development efficiency, requirements gathering and test management than we were last year.

ONE OF the programs that we have under way in our tech infrastructure space is what we refer to as our compute utility capability. We are optimizing our technology infrastructure by virtualizing servers to make sure we are taking advantage of our processing capabilities. It involves bringing together our applications portfolio and converging it on the best server platforms. It's going to be a big space that will continue to grow over the next couple of years.

VIEWS Portfolio Reporting has been deployed to more than 1,500 clients, and we now offer a client-facing suite of technology. One of our key projects is extending not just VIEWS, but our entire client-facing platform to enable our clients to service their clients. We see our services extending from traditional custody and fund services into things such as client reporting and white labeling.

We've grown significantly in fund services and hedge fund services administration. While we continue to ensure that we have three-times peak capacity, we also are upgrading the platform that supports our fund services business and our insourcing business. Some of the clients that we've insourced, or lifted out, we are now converging onto our strategic fund services platform and architecture. That's a big project for us that will probably last the next couple of years.

Our major campuses for recruitment continue to be Dallas, Bournemouth and Sydney, but we've also added Mumbai as a major campus for us. In the past, we've had Cognizant, our offshore supplier, servicing us out of Pune, India. We are now complementing that with our own captive site and hub in Mumbai. So by the end of this year, we'll have more than 300 JPMorgan employees in Mumbai, servicing the treasury and securities services business.

One of our initiatives in 2009 will be the continuation of extending our client-facing technology to other areas of the business and converging a lot of it. This means continuous investment in integrating alternative investments with our traditional business in the form of a client-facing agenda and providing a more integrated client-facing platform that really enables our clients to access all of our services through one platform.

The same thing we're doing with fund services is also our agenda around our custody and clearing platforms. This means progressing these platforms so that they continue to grow in terms of capacity.

I am very interested in growing the talent pool in the technology infrastructure and risk management spaces as those areas become more significant.