A big JPMorgan technology hire is leaving 16 months later
Jim Adams is leaving JPMorgan. The senior technologist, who only joined the bank in January 2018, is understood to have left again earlier this month. His destination is unclear.
Adams joined JPMorgan's New York office as a managing director in engineering and architecture services. His JPM job followed three years at Deutsche Bank and a 15-year career at Goldman Sachs.
Adams was hired into JPMorgan by Michael Grimaldi, the Chief Information Officer (CIO) at its Corporate and Investment Bank. Like Adams, Grimaldi came from Deutsche. Also like Adams, Grimaldi spent the bulk of his career at Goldman Sachs.
The reasons for Adams' exit are not known. JPMorgan declined to comment and Adams didn't respond to a request for clarification.
At JPMorgan's investor day in February 2019, Daniel Pinto, the head of JPMorgan's corporate and investment bank, said JPMorgan plans to reduce its technology spending by building application programming interfaces (APIs) which are standardized and reusable. The clear implication is that the bank wants to make its $400m technology budget more efficient.
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