Goldman Sachs named Marco Argenti partner and co-chief information officer, the company announced Thursday. He previously served as VP of technology at Amazon Web Services where he led the cloud services product lifecycle.
Joining the firm later in October, Argenti will work with George Lee, co-CIO at Goldman Sachs. Elisha Wiesel, co-CIO, is set to retire at the end of the year, according to Patrick Lenihan, spokesperson at Goldman Sachs.
The investment bank also named Atte Lahtiranta partner and chief technology officer. He previously served as CTO of the Verizon Media Group, formerly called Oath, where he led teams dedicated to IT, security and infrastructure, among other technologies.
Joint roles, called "co-ships," are common at Goldman Sachs. All big businesses are run by two, if not three, people, Lenihan said.
Lee and Wiesel have served as co-CIOs for 11 months. Prior to that, Wiesel was alone in the role, as was his predecessor, Martin Chavez.
The co-ships allow executives to have "majors and minors," areas where they specialize, though they're equally responsible for operations.
Goldman Sachs is serious about investing in technology, relying on it to enhance customer experience, boost growth and allow for efficient operations, according to a May presentation from John Waldron, president and COO, at the Bernstein Strategic Decisions Conference.
The strategy has four parts, according to the presentation. The investment bank wants to:
Offer a digital client experience
Build scalable infrastructure
Make room for innovation
To do so, Goldman Sachs is using 45% of its $4 billion engineering budget in 2019 on investment. The other 55% will be used to run the bank.
In the financial services sector, banks are making huge investments in technology. JPMorgan allocated $10.8 billion last year and has earmarked $11.4 billion for technology in 2019. Bank of America spent $10 billion on tech in 2018.
Goldman Sachs is looking to Argenti and Lahtiranta to bring expertise in cloud computing and core engineering, according to the announcement.
The bank has not announced which areas Lee or Argenti will specialize in, but it will become clear once Argenti starts in October, according to Lenihan.
Argenti has a cloud-heavy background, having worked at AWS since 2013. While there, he led several technology areas, including mobile, serverless and IoT, according to the announcement. He was formerly at Nokia Corporation, where he worked with the company's developer ecosystem and app store.
Lee's background, by comparison, focuses on investment banking and the tech needs required for investing.