JPMorgan Chase (NYSE: JPM) has reportedly appointed Teresa Heitsenrether to serve as the Head of a data and analytics division. This, according to a report from Bloomberg on Wednesday (June 21, 2023).
This new appointment is part of the banking institution’s wider focus on artificial intelligence, which Chief Executive Jamie Dimon has described as being vital for the banking giant’s long-term success.
According to an update from Bloomberg, Dimon noted that artificial intelligence is “critical for the bank” and “critical to the company’s future success.”
Heitsenrether’s recent appointment to this leadership role, which is now effective immediately, has been made because of her extensive industry expertise.
A key JPMorgan staff member, she worked as head of the securities services unit for the last 8 years. She will now continue to report directly to President Daniel Pinto and be a part of the institution’s senior leadership team.
The establishment of this data and analytics division is a key move for JPMorgan, as it confirms the banking institution’s focus on harnessing the power AI to streamline its business operations and provide innovative services to its customers.
Heitsenrether’s key leadership role should be vital in accelerating this initiative forward.
Heitsenrether notably has prior experience with overseeing the bank’s securities-services division.
As per a report from Bloomberg, Tim Fitzgerald will now be expected to replace her and the division should become part of a larger markets and securities-services unit.
Fitzgerald had reportedly been working as the global head of custody and fund services.
The securities-services unit, which reportedly had nearly $30 trillion in assets under custody by the end of March 2023, has experienced considerable growth in the past few years and has benefited from being part of the corporate and investment banking institution.
Pinto shared with Bloomberg that leveraging trading tech and expertise from the top global markets franchise are among its primary advantages.
It’s worth noting tat Heitsenrether’s appointment as head of JPMorgan’s data and analytics department is a key development in the rapidly-evolving AI and finance ecosystems.
It confirms the institution’s focus on harnessing innovative tech in order to enhance its everyday operations and reliably serve its customer-base.