JP Rangaswami, chief information officer (CIO) of Dresdner Kleinwort (DK), has quit the investment bank and is joining UK telco BT as CIO of global services. News of his departure comes as the bank undertakes a major overhaul of its operations, and takes the axe to its digital markets unit.
Rangaswami says on his blog that after ten years he is leaving the bank to join BT.
At DK, Rangaswami oversaw the launch of the digital markets division, which was responsible for developing and operating electronic and Web-based trading, execution and analytical services. He was instrumental in pushing Dresdner Kleinwort to take up Web 2.0 technologies.
Rangaswami's departure comes amid reports that the bank has disbanded the digital markets unit as part of a major overhaul of its capital markets businesses.
The unit was in the first 12 months of a three to five year development plan but has reportedly been shuttered under moves by the bank to cut its cost-to-income ratio.
Sean Park who ran the operation is also thought to be leaving the bank.