J.P. Morgan quietly hired one of Citi's top technologists in Europe

eFC logo

J.P. Morgan is still building out the technology function in its investment bank after hiring Mike Grimaldi as chief information officer (CIO) in September last year.

The U.S. investment bank has quietly pinched Mario Shamtani, one of London's top fixed income technologists from Citigroup. Shamtani left Citi in late August, according to his FINRA registration.  His LinkedIn profile suggests he joined J.P. Morgan as head of markets technology for the corporate and investment bank (CIB) in the same month, although it seems likely that he had a period of gardening leave first.

Shamtani is the latest big hire to J.P. Morgan's technology function. In September, the bank hired Tom Waite, a senior technologist who worked with Grimaldi at both Deutsche Bank and Goldman Sachs, and who was previously head of Bank of America's Quartz risk pricing system in EMEA.

Shamtani began his career at Credit Suisse in 1998 and worked for Merrill, Lehman and Barclays, before spending over eight years at Citi, where he was global head of fixed income and currencies technology.

Banks are investing heavily to upgrade their fixed income trading technology. A recent report from Greenwich Associates found that 89% of bulge bracket banks plan to investing in new technology for their fixed income platforms and that the average bulge bracket bank has a $10m budget to invest in tech for its corporate bond trading businesses alone. 90% of bulge bracket banks planned to invest in automating their corporate bond trading businesses, with data management and electronic trading skills their priorities.

One J.P. Morgan insider said Shamtani has already done a few town halls at JPM but that they were mostly uneventful. "He's heading technology for equities, macro and core, but there have been no big changes, and he doesn't seem to have a grand vision - this seems mostly to be about making sure Grimaldi doesn't have so many direct reports."

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Related articles