JPMorgan Chase & Co. has appointed Guy Halamish as chief operating officer for its commercial and investment banking division.
He will be responsible for oversight of the bank’s expansion of AI tools across these business areas.
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Halamish, who has worked at the bank for over 20 years, will collaborate with the leaders of markets, global banking, payments, and securities services, reported Bloomberg.
According to an internal communication issued this week, his responsibilities include appointing chief data and analytics officers for each division to “maximise the impact of AI”.
In the memo, co-heads Doug Petno and Troy Rohrbaugh indicated that the newly established team will “play a critical role in shaping our data and analytics strategy, ensuring data quality and governance, developing our platforms, and unlocking value from our firmwide data assets.”
Chief Executive Jamie Dimon recently compared AI’s long-term implications to those of the steam engine.
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By GlobalDataIn October, he said cost savings generated by AI at JPMorgan are now equivalent to what the company spends annually on the technology.
Petno and Rohrbaugh previously informed shareholders that AI is currently used in more than 175 applications within the commercial and investment bank. These include improving fraud detection, sanctions screening, trading capital efficiency, and economic data analysis.
Nearly three years ago, Dimon named Teresa Heitsenrether as chief data and analytics officer to lead AI efforts firm-wide.
Halamish and his group will work alongside Heitsenrether’s teams as part of this initiative.
