Monzo scoops up former JP Morgan Chase exec as new VP and head of global financial crime

Dave Laramy is set to join the challenger bank next month and brings with him over 17 years of experience.

Digital bank Monzo has appointed the former head of fraud at JP Morgan Chase, David Laramy, as its new vice president and head of global financial crime.

The news, first reported in Fintech Futures, comes just a week after the challenger bank appointed former AMEX exec Sujata Bhatia as its new COO.

Before joining Monzo, Laramy spent four years as a senior executive at Capital One, as well as head of fraud at Santander and over 11 years at Barclays. 

He is also an advisory board member of CIFAS, a not-for-profit fraud prevention organisation.

Laramy’s appointment, which was confirmed to AltFi by a spokesperson for the bank, is the most recent reshuffle at the top for Monzo. 

Bhatia’s recent appointment as COO comes following a six-month gap in the position following the departure of her predecessor Tom Foster-Carter who left back in November to launch his own grocery-startup. 

Similarly, early employee Simon Balmain, who started just after Monzo’s name change from Mondo, announced he was leaving the bank last month to join Nick D’Aloisio’s new startup.

Another high-profile employee to depart the fintech was Monzo’s chief technology officer Meri Williams who left in March after just under two years at the bank.

At the beginning of April it was revealed that Monzo planned to furlough 295 members of staff and executives were to receive a 25 per cent pay cut as well as founder Tom Blomfield forgoing his salary entirely for the next year.

Despite being on slightly shaky ground, Monzo became the most switched-to current account for the first time ever in Q4 2019 with 20,843 net switches.