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Banks are still busy hiring data and digital transformation expertise

Big banks may be slowing hiring in 2023, but some roles are still as popular as ever. Two months into the year, there are signs that data and digital transformation talent are towards the top of hiring priorities. Morgan Stanley, Citi, Wells Fargo and JPMorgan are all adding talent.

Morgan Stanley, for example, has hired Jeff Forbeck and Dhananjay Shrikhande, both in New York, from JPMorgan and fintech AxiomSL (now known as Adenza), where they were for 11 and 13 years, respectively. Forbeck will be Morgan Stanley’s head of data strategy, and Shrikhande works in digital transformation.

Citi has hired Robert Micucci, Well's Fargo's chief business architect and transformation leader, based out of its New York office. He'll seemingly be working in transformation again.

And JPMorgan has hired Harun Yayli from Amazon as an ED in data foundations. As we reported yesterday, Yayli worked on Alexa and is based in Palo Alto.

The moves come as banks continue in their efforts to automate everything in order to save costs. During its Q1 investor call, Citi said it planned to bump up tech spending significantly – and that the core purpose of the tech innovation was to move away from “manually intensive processes.” 

Consolidation and “transformation” are also the aims of Deutsche Bank and UBS, which cut budgets and streamlined cumbersome legacy interfaces and applications – the opposite of Barclays, which said that it was investing in its “Global Markets business with particular priority given to digital investment to ensure we are an electronic-first markets business.”

As processes are automated, banks are also hiring for newly digitalised roles. Compliance, for example, is increasingly a matter of electronic surveillance. Citi has also recruited Bo Chao Koh from Standard Chartered as head of APAC head of global institutional client surveillance, based in Singapore. 

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Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

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AUTHORZeno Toulon
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    BigP
    16 February 2023

    If someone tells you they work in "digital transformation" it means they work in technology despite not having any technology skills themselves. They usually will spend most of their days on calls having discussions about what discussion need to happen. They are also good at setting arbitrary time frames for developers and taking credit for the work developers do.

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