HSBC hired JPMorgan's international CIO as its CTO
It's a time of great change at HSBC in 2025. Job cuts were pernicious, and the bank's London M&A and ECM professionals have found their jobs are terminal. Technologists have largely been exempt from the turbulence, but now face a great change of their own in the form of a new CTO.
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Mario Shamtani has joined HSBC as its group CTO, based in London. He spent the last six years at JPMorgan, serving as its head of markets technology and post trade technology, as well as the bank's international chief information officer (CIO). According to the FCA register, he was one of the bank's London material risk-takers, who earned $1.68m on average in 2023. He announced his departure internally last November, and has been succeeded in the role by Shola Olateju, formerly global head of equities technology.
A HSBC spokesperson confirmed that Shamtani had assumed the role, replacing previous CTO Frank McGrath who had spent three years in the role. The spokesperson said that McGrath is still with the bank.
Shamtani has been a top banking technologist for more than 25 years. He was previously global head of FX options at Lehman Brothers, and head of fixed income exotics technology at Barclays. Most notably, He was global head of fixed income and currencies technology at Citi for over eight years.
HSBC has hired a few other senior technologists from Citi in 2025, including functions technology CIO Milly Webb, global head of digital platforms Venkat Vajipey and EU technology programmes head Magdalena Zaroń. They're part of a growing contingent of Citi alums that insiders say are increasing their influence across the bank. HSBC's other technology executive, group chief information officer Stuart Riley, was formerly Citi's co-CIO before joining the bank last February.
HSBC's exploits in technology have yielded varying results. A recent report from insights firm Evident revealed that the bank is one of the top three banks for quantum computing innovation and hiring. Conversely, the bank announced this year that it was shuttering Zing, a digibank competing with Revolut, just a year after its announcement. Insiders told us the team was home to "some top payments talent" that have ultimately since re-entered the market. With Shamtani's arrival, HSBC will be hoping for more stories like the former than the latter.
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