A senior Goldman Sachs technologist, who has headed up various IT functions across the bank over 13 years, has just moved to a consulting role at Deloitte.
Jon Butler, a New York-based managing director at Goldman who was latterly head of its securities and derivatives operations technology function, has just signed up to Deloitte in the U.S., also as a managing director within its technology consulting division.
Butler returned for a second stint at Goldman Sachs in 2013 after leaving the bank for Royal Bank of Scotland in December 2009. He held various senior technology roles at RBS during three and a half years there including co-head of its markets technology function, head of equities technology and leading its client and execution technology.
For the past four years at Goldman Sachs, however, he’s been focused on automating the bank’s back office functions, and has left both the securities and derivatives tech business and funding and treasury IT operations.
Before leaving Goldman in 2009, Butler held various senior front office technology roles at the bank. He was head of cash equities technology, head of equities tech for EMEA and also head of program and algorithmic trading technology. He has a degree in computer science from the University of Birmingham.
Quitting banking to consult on technology at a Big Four accounting firm seems like a wise move right now. Big Four firms are well and truly jumping on the fintech bandwagon, and increasingly working with investment banks on how these start-ups can move the industry on.
A recent report from EY on fintech and capital markets suggests that investment banks are increasingly going to turn to start-ups for innovation solutions because they’ve so encumbered by high structural costs, stagnant revenues and low return on equity that makes it hard for them to innovate. Fintech will creep into every part of the business, from advisory work to trading and compliance, it suggests.
Goldman Sachs, which is ahead of its peers when it comes to technology and is increasingly automating functions in the front office, has changed its IT leadership over the past year. Marty Chavez, its chief information officer moved across to become CFO in April. Paul Walker, co-head of its technology division, retired last year and is currently involved with tech start-ups. He joined the board of electronic trading fintech start-up OpenFin in June.
Image: Getty Images