As investment banks battle to keep hold of their senior technologists, Bank of America Merrill Lynch has lost a number of managing directors in its tech team in the past few months.
Michael Naunton, a managing director in New York and head of its GMT Quartz core team who joined in 2010, left BAML earlier this month.
Quartz is BAML’s integrated trading and risk management platform – a complete reengineering of its trading systems, which was kicked off in 2010. It used a programming language, Python, which was unheard of in the financial sector at the time, but has since been taken up by more investment banks and hedge funds alike.
BAML has also lost other senior technologists in recent months. Glenn Gribble, a managing director and head of developer architecture, who also joined the bank in 2010 from Goldman Sachs, where he was a technology fellow, departed in April. Meanwhile, Jason Petrone, another technology managing director responsible for building the Quartz risk platform, left in May and is now working as a managing director for a quantitative hedge fund in New York.
Dan Adler, who was a director in risk quantitative strategies at BAML until he left earlier this year, is now chief technology officer at Autonomy Capital.
The three BAML tech MDs were all hired in by Michael Dubno, who was chief information officer for global markets until his departure in December 2014. Dubno, who now describes himself as a ‘Wall Street escapee’, currently spends his time inventing in a specially converted basement in Upper West Side, New York and organises the technology festival, Gadgetoff, with his brother Dan.
Meanwhile, Kirat Singh, who was also a BAML MD and involved in building Quartz from the ground up, has been running his own technology consultancy, Washington Square Technologies, since leaving the bank in December 2013.