JPMorgan Chase has named company vet Teresa Heitsenrether as its chief data and analytics officer as part of a plan to pursue artificial intelligence, according to a memo seen by Banking Dive.
Heitsenrether, who for eight years has been the bank’s global head of securities services, will lead the organization that will bring together various teams and their leadership, specifically AI/ML transformation and engagement, led by Drew Cukor; fusion data solutions, led by Gerard Francis; AI research, led by Manuela Veloso; and data assurance and controls, led by David Robinson.
The firm, however, will look to fill Robinson’s current role, as they want him “focused solely on his cyber security responsibilities.”
Tim Fitzgerald will succeed Heitsenrether in the role of global head of securities services, according to a separate memo seen by Banking Dive.
CEO Jamie Dimon called AI “critical to our company’s future success” in his note to shareholders in April.
“We already have more than 300 AI use cases in production today for risk, prospecting, marketing, customer experience and fraud prevention, and AI runs throughout our payments processing and money movement systems across the globe,” Dimon said. “AI has already added significant value to our company.”
In one example, JPMorgan in May applied with the U.S. Patent and Trademark Office to trademark technology called IndexGPT, which would use ChatGPT-like artificial intelligence to select investments for customers.
In the internal memo on Heitsenrether’s hiring, he said that using AI technologies “effectively and responsibly to develop new products, drive customer engagement, improve productivity and enhance risk management will be a top priority.”
Heitsenrether remains on the firm’s operating committee and will continue to report to JPMorgan Chief Operating Officer Daniel Pinto.
In addition, A.J. Lang will be named chief information officer for the new data and analytics organization, and he will report directly to Heitsenrether and firm CIO Lori Beer.
Since Heitsenrether took the helm at JPMorgan’s global securities services business in 2015, revenue has increased by more than 22%, according to her hiring memo. Assets under custody have grown by almost $9 trillion dollars, assets under administration have nearly doubled.
In Fitzgerald’s new role, he will report to Marc Badrichani and Troy Rohrbaugh in the newly-united business overseeing markets, sales, research and securities services. Fitzgerald, based in Dublin, joined JPMorgan in 2016 as global head of fund services and became global head of custody and fund services in 2021.
During his tenure, according to his hiring memo, Fitzgerald’s business “delivered unprecedented growth.”