J.P. Morgan just hired a top technologist from Goldman Sachs
J.P. Morgan has made a big appointment to its equities electronic execution team, hiring Karen Rossi as a managing director from Goldman Sachs. We understand that Karen has joined J.P. Morgan's Corporate and Investment Bank (CIB) Technology division and will be based in the London office.
Rossi comes with decades of experience: she spent ten years at Morgan Stanley, followed by ten years at Goldman Sachs, where she was promoted to MD in November 2015. Rossi didn't stick around, leaving two years later.
Rossi's arrival follows that of Mike Grimaldi as the Chief Information Officer (CIO) at J.P. Morgan's CIB division. Grimaldi is also ex-Goldman Sachs. He spent 21 years in at the firm, followed by a short two year stint at Deutsche Bank as managing director and CIO of the CIB division before joining JPM in late August.
Grimaldi's apparent raiding of Goldman comes as GS is seeking to build its electronic equities trading capabilities. Last month GS brought in a technology veteran to help drive its electronic trading business: Mike Blum, the former chief technology officer at KCG Holdings, joined as CTO for the electronic trading unit.
At the same time, J.P. Morgan is seeking to increase its presence in electronic equities trading. The company was late to invest in its electronic trading platform and has been playing catch-up. Daniel Pinto, chief executive of the investment bank, said in April that J.P. Morgan wants to achieve a top three position in all "sub products and geographical categories" in global markets.
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