Scott Marcar is the new man in charge of thousands of technologists in Deutsche Bank’s corporate and investment bank. He’s just been promoted to chief information officer of the CIB, replacing Mike Grimaldi who moved to a big new job at J.P. Morgan.
Marcar has only been working at Deutsche Bank for the past three years, and his rise up the ranks has been impressive. He started out as head of IT infrastructure, overseeing around 13,000 people, before being bumped up to chief technology officer last year. CIO is a big step up - the chief technology officer typically oversees IT infrastructure, company desktops and production management, the CIO role encompasses this, but also means that Marcar will head up software development across the investment bank.
Deutsche confirmed the move. Although it doesn’t break out headcount by division, Marcar told us previously that Deutsche Bank employs around 30,000 people in technology across the organisation.
The fact that Deutsche has promoted from within is an example of good succession planning, says Paul Bennie, managing director of headhunters Bennie MacLean. It’s also a way of steadying a ship that has seen an unusual amount of churn in the past few months.
Grimaldi, a former Goldman Sachs managing director who joined Deutsche Bank in 2014, left in August and has since arrived at J.P. Morgan. Yesterday, he was named CIO for J.P. Morgan’s investment bank, following the promotion of Lori Beer to group chief information officer.
In March, Pascal Boillet was promoted to the newly-created role of group chief information officer, while Elly Hardwick was hired as its new head of innovation in December last year. Earlier this week, it brought in Thomas Nielsen, who was previously at Tesco, as chief digital officer for its global transaction bank.
Kim Hammonds, Deutsche’s former global CIO who moved to become its chief operating officer in November 2015, is heading up a project to simplify the bank’s IT infrastructure. Deutsche is also bringing more technology work in house – the bank used to outsource 70% of its technology work, and only carried out 30% in-house. The plan is to turn that ratio around by 2020.
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Image: Deutsche Bank