Goldman Poaches New Cybersecurity Head From Morgan Stanley

(Bloomberg) -- Goldman Sachs Group Inc. turned to its chief rival to fill its top cybersecurity job.

Matthew Chung will be joining as chief information security officer and head of technology risk, according to a memo. Chung helped marshal Morgan Stanley’s technology defenses, and at Goldman will be filling a position held by an interim chief after the departure of Andy Ozment earlier this year.

Chung will join as a partner, a rare lateral hire at the level right before Goldman prepares to elevate a new set of executives to that top rank. It’s especially notable at a time when Goldman is typically guiding some of its existing partners toward the exit to make room for the new class.

At Goldman, Chung will also help build new systems and defenses on its expanding cloud platform, a key priority for Goldman’s new tech leadership. The 54-year-old Chung had worked at British bank Barclays Plc before Morgan Stanley.

Ozment, previously a senior cyber official in President Barack Obama’s administration, left Goldman earlier this year to help with the cleanup at Capital One Financial Corp., which was looking to bounce back after a major data breach. Goldman veteran Phil Venables, who was appointed as interim chief information security officer until a replacement was found, will leave at the end of the year, according to the memo.

©2020 Bloomberg L.P.