Top banking IT executives at JP Morgan and UBS have left to join Maxeler Technologies, the HPC solutions provider.
The two new appointments are Stephen Weston, who was managing director and global head of applied analytics at JP Morgan, and Steven Hutt, former managing director and global head of credit analytics at UBS.
Weston was responsible for a major IT project using Maxeler technology at JP Morgan, which enabled the investment bank to run risk analysis and price its global credit portfolio in near real-time.
Weston and Hutt join Maxeler as chief development officer (CDO) and vice-president of client analytics, respectively.
Oskar Mencer, founder and CEO of Maxeler, said: “With the knowledge and experience that both Stephen and Steve bring to Maxeler, we are in an excellent position to transform both the business and process of financial computation.”
Prior to joining JP Morgan, Weston held senior quantitative and risk positions at Deutsche Bank and Credit Suisse.
Meanwhile Hutt, who was responsible for the design and implementation of all credit models used in front office trading at UBS, held similar positions at Morgan Stanley and BNP Paribas.
“The overwhelming benefits of dataflow technology are directly measurable and undeniable,” said Weston.
“Having experienced them first-hand at JP Morgan, my new mission is to help the finance industry understand the revolution in value that this technology brings through making real-time computation and scenario analysis feasible, for both the largest and the most complicated problems.”