Goldman Sachs has hired a new Asia head of fixed income currencies and commodities technology amid an ongoing drive to revive its underperforming FICC business.
Chekib Miaoui joined Goldman in Hong Kong last month after a stint of almost five years at HSBC, latterly as global head of equities derivatives IT and head of equities IT for Asia, according to his online profile. He upgraded from director to managing director in the process, a comparatively rare example of Goldman promoting a new recruit into his first MD-level job.
Goldman announced in September that it wants to achieve an additional $1bn in FICC revenues over three years, following several quarters of poor revenues in the unit. The US bank shook up its leadership ranks two months later, appointing Jim Esposito and Justin Gmelich as co-COOs of FICC. In January, CFO Marty Chavez said Goldman’s FICC business was subject to “net hiring” last year.
Miaoui’s move suggests that this recruitment extends to technology, a critical part of the bank’s plans for its FICC turnaround. Goldman, which employs about 25% of its workforce in tech roles, is rebuilding its FX and commodities trading platform from scratch. The existing platform is built in .NET and the new one is being built as a web-based platform in HTML5, JavaScript and CSS.
Veteran trading technologist Miaoui joined HSBC’s global banking and markets division in Hong Kong in 2013 as a director in fixed income IT. He became head of equities IT for Asia two years later, and retained that role when he took charge of equities derivatives tech globally in January 2017.
Miaoui worked for J.P. Morgan for 15 years at the start of this career, before joining Barclays Capital in 2008 as head of commodities derivatives IT. He then moved to Deutsche Bank in Hong Kong, where he was head of APAC IT for equities derivatives and equities prime finance between January 2010 and December 2012. Alongside these positions, Miaoui headed up equities IT for Asia at Deutsche from April 2011.
His new firm, Goldman Sachs, has also been hiring developers in Hong Kong for its recently formed FICC systematic market making (SMM), which consolidates all of Goldman’s FICC automated trading activities under one global umbrella.
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