JPMorgan lost a markets tech MD to HSBC but hired one from Goldman Sachs
Securities services might not be the most exhilarating area of an investment bank, but its an area which brings in a lot of revenue. Citi's services team, for example, has been called the bank's 'crown jewel,' to name just one example. These are technology-driven functions, and HSBC just hired a new tech executive for its own securities services arm.
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George Gaffin joined HSBC in New York this month as its chief information officer (CIO) for securities services. He has worked in banking technology for just shy of 30 years, primarily across Goldman Sachs and JPMorgan. He was most recently an MD at the latter, holding multiple roles including head of macro innovation and engineering, as well as head of currencies and emerging markets technology.
Gaffin worked across multiple well-known markets technology systems. He started his career in equities technology at Goldman Sachs, working on its SecDB pricing platform, and went on to work as a desk strat for the bank. He later joined Morgan Stanley, where he worked on its electronic FX trading platform Matrix.
It's not all outgoings in JPMorgan's technology team. It recently hired New York-based Pierre De Belen, formerly a managing director and tech fellow at Goldman Sachs. He spent 20 years at the bank, latterly working on Legend, an open source data platform for financial markets. It's not clear what his new role will be at JPMorgan, but the hiring appears to be unrelated to Gaffin's departure.
Goldman Sachs declined to comment. HSBC and JPMorgan did not respond to a comment request.
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