As Nomura cuts costs (again) a tech MD escaped to JPMorgan
It's not easy to find a new job in financial services now, and technology roles are no exception. But there are people out there bucking the trend and finding bigger and better jobs. Take Julien Pequegnot who has left Nomura one day after the Japanese bank announced another round of cuts.
Pequegnot, who has a long history of credit technology jobs, is joining JPMorgan as a technology managing director in New York. He spent a cumulative 12 and a half years as an MD at the Japanese bank across two stints, with a two and a half year stay at Bank of America in between. He was reportedly CTO of risk IT at BofA,
Pequegnot was educated at the University of Manchester and ran Lehman Brothers' credit analytics team in London for almost three years. He also began his career as a trading systems developer in Cambridge.
This may be an opportune time to leave Nomura. The bank announced plans yesterday to cut $100m in costs in its wholesale banking division. While its unclear where the cuts are coming from, Bloomberg says the bank is focusing resources on core products and regions. These are in addition to the $340m of cost reductions it says will be completed by 2025.
JPMorgan announces and pays its bonuses in January. Nomura, however, announces and pays its bonuses in May. Pequegnot, who likes to run marathons, may not be getting a bonus from JPMorgan. He presumably didn't think it was worth sticking around for one at Nomura.
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