This move is part of the bank’s larger push towards artificial intelligence (AI), which CEO Jamie Dimon has deemed critical for the bank’s future success. “Artificial intelligence is critical for the bank” and “critical to our company’s future success,” said Dimon, per a Bloomberg report.
Heitsenrether’s appointment to this new role, which is effective immediately, is a testament to her industry expertise and leadership skills. A longtime JPMorgan employee, she served as head of the securities services business for the past eight years. She will continue to report to President Daniel Pinto and be a part of the firm’s top leadership body.
The creation of this new data and analytics unit is a significant step for JPMorgan, as it shows the bank’s commitment to leveraging AI to improve its operations and better serve its clients. Heitsenrether’s leadership will be crucial in driving this effort forward.
Heitsenrether previously oversaw JPMorgan’s securities-services unit. According to Bloomberg, Tim Fitzgerald will succeed her and the unit will become part of an expanded markets and securities-services group. Fitzgerald had been the global head of custody and fund services.
The securities-services business, which had $29.7 trillion in assets under custody at the end of March, “has seen significant growth in recent years and has benefited greatly from being part of the corporate and investment bank,” Pinto wrote in a memo, according to Bloomberg. “Leveraging trading technology and expertise from the world’s top markets franchise are among its key advantages.”
Overall, Heitsenrether’s appointment as head of JPMorgan’s new data and analytics unit is a significant development in the world of AI and finance. It shows the bank’s commitment to leveraging cutting-edge technology to improve its operations and better serve its clients.