JPMorgan Chase named Teresa Heitsenrether head of a new data and analytics unit, part of an artificial-intelligence push that Chief Executive Officer Jamie Dimon has called "critical to our company's future success."
The appointment is effective immediately, according to an internal memo Wednesday from Dimon and President Daniel Pinto. Heitsenrether, who has been at JPMorgan for more than three decades, will continue to report to Pinto and be a part of the firm's top leadership body.
"Using AI technologies effectively and responsibly to develop new products, drive customer engagement, improve productivity and enhance risk management will be a top priority," Dimon and Pinto said in the memo, which was seen by Bloomberg News. "Teresa is an outstanding leader with an exceptional track record, helping to build and transform some of our most successful businesses."
JPMorgan, the biggest US bank, is at the forefront of a massive industrywide push into AI. The New York-based firm advertised for more than 3,500 related roles between February and April, according to data from consultancy Evident. Dimon dedicated an entire section to AI in his shareholder letter this year, calling JPMorgan's efforts, which include more than 300 use cases already in production, "an absolute necessity."
Heitsenrether previously oversaw JPMorgan's securities-services unit. Tim Fitzgerald will succeed her atop that business, which will become part of an expanded markets and securities-services group under Troy Rohrbaugh and Marc Badrichani, Pinto said in a separate memo Wednesday. Fitzgerald was previously 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. "Leveraging trading technology and expertise from the world's top markets franchise are among its key advantages."
