On Monday, Deutsche Bank announced that the company has poached Goldman Sachs Group’s senior technology executive, Richard Shannon, and will name him as Chief Information Officer for the Americas. Royal Bank of Scotland’s Chief Information Officer for corporate and institutional banking, Scott Marcar, was also named Monday as the bank’s new Head of Information Technology Infrastructure.
‘Clean up Your Act’
The changes in leadership follow a series of reports that Deutsche Bank was being formally ordered to clean up its act as part of a pact with U.S. regulators. IT industry analysts expect to see Deutsche Bank work to overhaul its technology and compliance procedures after regulators described their current procedures as having serious risk-management deficiencies.
Shannon will be based in New York, and Marcar in London. Both of the changes will be effective beginning in October. They will report to Kim Hammonds, Global CIO and Global Co-Head of GTO.
IT Industry Leaders
“Richard and Scott are strong technology leaders who will add to our deep bench of technical expertise,” said Hammonds. “Their skills and experience will prove invaluable as the Bank continues to enhance its IT platform while strengthening controls.”
Shannon will also hold the role of co-head of group technology and operations, Americas.
Prior to joining Deutsche Bank, Shannon served 20 years with Goldman Sachs, most recently holding the position of Global Head of Web Platforms Technology.
Plan of Action
Last month officials at Deutsche Bank announced that their first steps in addressing their issues were spending over $1.3 billion and allocating 1,300 people to a “systems and controls” overhaul, including over 500 new employees in the U.S. alone.
While Shannon works to support Deutsche Bank’s new compliance and regulatory technology initiatives, you are given a great opportunity to make a case for your product or service. CIO’s typically spend a hefty portion of their budget within the first three months of tenure; if your product or service has a place in this transformation, now is your opportunity.
In the meantime, DiscoverOrg will be the first to report on Shannon’s progress, and updates on the bank’s initiatives and pain points.
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