NEW YORK (TheStreet) -- Shares of JPMorgan (JPM) - Get Report were gaining in mid-afternoon trading on Wednesday as the company hires Harish Grama to the new position of chief information officer for cloud services, the Wall Street Journal reports.

Grama will join JPMorgan next week. He previously worked at IBM (IBM) for 20 years in various technology software development roles, and most recently as head of software development for the company's cloud unit.

At JPMorgan, Grama will run the bank's cloud services technology under Chief Information Officer Dana Deasy.

Earlier this year, the New York-based bank began to explore uses of the public cloud to cut back expenses and to increase flexibility in storage space.

"The successful adoption of cloud technology is essential," CIO Deasy said in a memo today cited by the Journal.

Deasy added that JPMorgan's "evolving hybrid cloud model" will help to increase innovation and boost productivity at the company.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.

The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, growth in earnings per share and attractive valuation levels. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here: JPM

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