JPMorgan is consolidating power to move faster on AI.
The bank is reshuffling its commercial and investment bank to “maximize the impact of AI,” according to an internal memo seen by Business Insider that was sent this week.
The firm has named Guy Halamish as the chief operating officer of the CIB and tasked him with overseeing the ongoing effort to “harness the power of our data and fully leverage rapidly evolving AI capabilities,” the memo, signed by the CIB’s co-CEOs, Doug Petno and Troy Rohrbaugh, said. Halamish’s new role was first reported by Bloomberg.
Under the new structure, each major business in the division, including banking, markets, payments, and securities services, will have its own chief data and analytics officer reporting jointly to Halamish and business heads. The bank recently hired Zachery Anderson as the chief data and analytics officer of its payments division, after a nearly six-year stint at UK-based lender NatWest. In a LinkedIn post about the new job, Anderson said he wants to push the “edge of the possible with AI.”
The move is part of a new strategy to break silos across the unit and speed up adoption of AI.
The team of officers will work with the wider firm on a range of efforts, including “preparing our infrastructure for more advanced AI and the expanded use of AI agents” and “driving end-to-end transformation” in areas such as client onboarding.
The CIB is a huge profit driver for JPMorgan — in 2024, it generated $25 billion in net income out of a firmwide total of $58.5 billion, according to that year’s annual report.
JPMorgan, backed last year by an approximately $18 billion tech budget, is one of the financial industry’s leaders in AI, with its own proprietary genAI platform and additional tools in the pipeline. CEO Jamie Dimon defended the firm’s AI spending on a recent earnings call.
“We are going to stay out front, so help us God,” Dimon said about the spending.
Work at JPMorgan or have a tip? Contact this reporter via email at [email protected] or Signal at alicetecotzky.05. Use a personal email address and a nonwork device; here’s our guide to sharing information securely.
Read the original article on Business Insider
The post JPMorgan is reorganizing its commercial and investment bank as part of its AI push appeared first on Business Insider.
