The man leading Deutsche Bank’s technology functions for its corporate and investment bank has departed after three years at the bank.
Michael Grimaldi, Deutsche’s chief information officer for its corporate and investment bank, has resigned from its London operation. We understand that he has joined J.P. Morgan, but this was not confirmed by the bank at the time of writing.
We understand that Grimaldi's role is likely to encompass a range of responsibilities across J.P. Morgan's investment bank. He will be the chief information officer for its global markets business, the head of global corporate and investment bank engineering as well as the CIO across J.P. Morgan's EMEA operations. Globally, J.P. Morgan's investment bank technology headcount is huge - around 10,000 people work in tech for J.P. Morgan’s CIB, which is approximately 25% of IT headcount across the bank.
Grimaldi was part of the gravitation of Goldman Sachs technologists at Deutsche Bank that began three years ago as the German bank sought to develop a risk and pricing platform to work across asset classes to rival Goldman’s SecDB – its ‘secret sauce’ that helped it navigate the global financial crisis.
Grimaldi joined Deutsche in 2014 to lead technology for its investment bank. He had previously spent 21 years at Goldman Sachs, latterly as head of its securities and equity research technology functions. Around the same time, Richard Shannon, the former global head of platform services in Goldman’s securities division, joined as Deutsche’s Americas CIO, while Jim Adams, CIO for Goldman’s sales, research and securities data services team, came on board as chief technology officer for Deutsche’s markets business.
Goldman was Grimaldi’s first investment banking job – he joined in 1993 from GTE Government Systems, where he was a senior engineer.
Deutsche Bank confirmed his departure.
Grimaldi’s departure is the latest in a series of shake-ups to Deutsche Bank’s technology team in recent months. The bank, which is in the midst of a wide-ranging project to simplify its technology infrastructure, promoted Pascal Boillat to the newly-created role of group chief information officer. Deutsche has around 30,000 people in technology across the organisation. It also hired in Elly Hardwick as its new head of innovation in December last year.
Henry Ritchotte, the former chief digital officer at the bank, left last year after 22 years and is now funding fintech start-ups.
Lower down the hierarchy, Nick Doddy, who previously held the role of European managing director of group technology and operation strategy and innovation, joined Barclays earlier this month. Meanwhile, Dean Mazboudi, who led its innovation lab in New York, left in June for Bank of America.