As 2025 unfolds, HSBC is undergoing significant transformation. Amid a wave of job cuts and the disbanding of its M&A and ECM teams in London, the bank’s technologists have remained largely insulated from the upheaval. However, change is now reaching their doorstep with the appointment of Mario Shamtani as the group’s new Chief Technology Officer (CTO).
Shamtani, who has spent the last six years at JPMorgan, brings a wealth of experience to the role. At JPMorgan, he served as the head of markets technology and post-trade technology, eventually becoming the bank’s international Chief Information Officer (CIO). In 2023, Shamtani was recognized as one of JPMorgan’s key risk-takers, earning an impressive $1.68m. He announced his departure from JPMorgan in November, with Shola Olateju succeeding him in his previous role.
At HSBC, Shamtani takes over the reins from Frank McGrath, who spent three years as CTO before his departure, though McGrath remains with the bank in another capacity.
Shamtani’s journey in banking technology spans over 25 years. Before his tenure at JPMorgan, he led global technology teams at major financial institutions like Lehman Brothers and Barclays, with his most notable position being global head of fixed income and currencies technology at Citi for more than eight years. His vast expertise positions him well to steer HSBC through its next phase of technological innovation.
The appointment is part of HSBC’s larger effort to strengthen its technology leadership. In 2025, the bank has also brought in other high-profile technologists from Citi, including Milly Webb as CIO for functions technology, Venkat Vajipey as global head of digital platforms, and Magdalena Zaroń as head of EU technology programmes. The influence of former Citi executives is growing within HSBC, with Stuart Riley, the group’s current CIO, also hailing from Citi.
HSBC’s technological pursuits have had mixed results. While the bank ranks among the top three global innovators in quantum computing and talent acquisition, it also recently shuttered its digital bank, Zing, which aimed to compete with Revolut. Despite these challenges, the hiring of Shamtani and other industry leaders signals that HSBC is committed to making strategic moves to fuel its future tech-driven growth.
With Shamtani now at the helm of its technology efforts, HSBC is poised to embrace more success stories, hoping to leave behind the missteps of its past and build a future of innovation.
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