JPMorgan has named Teresa Heitsenrether to head a new data and analytics unit, part of an artificial intelligence push that Chief Executive Jamie Dimon has called “vital to our firm’s future success.”
The appointment is effective immediately, according to an internal memo Wednesday from Dimon and President Daniel Pinto. Heitsenrether, who has been with JPMorgan for more than three decades, will continue to report to Pinto and become a member of the firm’s top leadership body.
“The effective and responsible use of AI technologies to develop new products, drive customer engagement, improve productivity and enhance risk management will be a top priority,” Dimon and Pinto said in a memo seen by Bloomberg News. Sha is an outstanding leader with an outstanding track record, having helped build and transform some of our most successful businesses.”
JPMorgan, the largest U.S. bank, is at the forefront of a massive industry-wide push into artificial intelligence. The New York-based company hired more than 3,500 related jobs between February and April, according to consulting firm Evident. Dimon devoted an entire section of this year’s shareholder letter to discussing artificial intelligence, calling JPMorgan’s efforts “absolutely necessary,” including more than 300 use cases already in the works.
Heitsenrether previously managed JPMorgan’s Securities Services division. In a separate memo Wednesday, Pinto said Tim Fitzgerald will succeed her in leading the business, which will become an expanded markets and marketing arm under the leadership of Troy Rorbo and Mark Badricani. Part of the Securities Services Group. Fitzgerald previously served as Global Head of Custody and Fund Services.
The securities services business, with $29.7 trillion in custody assets at the end of March, “has grown significantly in recent years and has benefited greatly from being part of corporate and investment banking,” Pinto wrote. “Leveraging trading technology and expertise from the world’s top markets is one of its key strengths.”