Morgan Stanley just shook up its tech and operations team with the promotion of two senior executives.
Katherine Wetmur was named the bank's new head of technology and operations risk, according to a memo sent on Thursday that was seen by Business Insider.
Wetmur's promotion comes following the departure of Matthew Chung, who previously held the role and had been with the bank since 2014.
Wetmur, a Morgan Stanley veteran who has spent almost 20 years at the bank, most recently served as international chief information office and head of institutional and support services reliability and production engineering
In her new role, she'll oversee the bank's central technology and operations risk functions. Previously based in London, Wetmur will relocate to New York.
"This move further strengthens our cyber and fraud risk management capabilities in light of a continuously evolving threat environment," Rob Rooney, Morgan Stanley's head of technology, operations and firm resilience, wrote in a memo seen by Business Insider.
Concerns over cyber are top of mind for financial firms, especially during the coronavirus pandemic as more employees have been forced to work remotely. According to a May report from VMware Carbon Black, financial firms saw a 238% increase in attacks from February to April 2020.
The void left by Wetmur's promotion will be filled by Sigal Zarmi, Morgan Stanley's head of transformation, who will take on her duties and relocate from New York to London. Zarmi, who will still hold her previous role, will report to Clare Woodman, head of Morgan Stanley EMEA, in addition to Rooney. She will also join the EMEA Operating Committee.
Zarmi spent almost four years at PwC as its global chief information officer before joining Morgan Stanley in 2018. She also spent nearly two decades at GE Capital.
"Sigal will not only manage our diverse international technology footprint including the technology teams in the Global In-house Centers (GICs) but also leverage her transformational capacity to help us optimize our organization and functions to innovate our technology platform and adjust to market needs and changes," Rooney wrote.
