AI expertise struggle sees UBS recruit management from JPMorgan
UBS has recruited synthetic intelligence (AI) management from US banking large JPMorgan, because the struggle on AI expertise heats up within the finance sector.
The Swiss financial institution has named Daniele Magazzeni as its chief AI officer because the know-how turns into a “prime precedence” for the organisation.
Magazzeni joined from US financial institution JPMorgan, the place he has spent virtually six years, working in AI analysis and its AI centre of excellence, culminating within the function of chief analytics officer in its industrial and funding financial institution.
Analysis lately revealed that US banks dominate the highest 10 group of AI leaders within the banking sector. JPMorgan was ranked primary in Evident’s newest Banking AI adoption index, whereas UBS ranked 7th.
UBS stated Magazzeni “will lead the agency’s AI technique with a concentrate on reshaping enterprise capabilities to enhance the consumer expertise and improve worker productiveness”.
Mike Dargan, UBS’s group chief operations and know-how officer, stated: “AI is a prime precedence for UBS. As chief AI officer, he [Magazzeni] will additional optimise our use of conventional, generative and agentic AI capabilities to rework our end-to-end operations and ship cutting-edge options to our shoppers.”
Evident’s CEO, Alexandra Mousavizadeh, lately instructed Laptop Weekly that the struggle on AI expertise is on within the banking sector, as corporations try to take their AI investments to the following stage. She stated recruiting AI consultants that may paved the way is pricey, however important if banks don’t wish to be left behind and unable to make up floor. “We’re at a cut-off date now the place there shall be a second when, as a lagging financial institution, you possibly can’t catch up,” stated Mousavizadeh. “Your expertise is your future.”
Mousavizadeh stated banks want expertise like these at Massive Tech corporations to take AI investments ahead, and that they are going to be more and more recruiting employees from one another.
Evident discovered that main banks for AI maturity have pulled away from their friends in 2025, consolidating earlier good points and more and more realising a return on funding for his or her spending on the know-how.
It discovered that the highest banks, together with UBS and JPMorgan, are accelerating on AI adoption greater than twice as quick as the remainder of the sphere, as early AI investments translate into enterprise worth.
In line with Lloyds Banking Group’s Monetary establishments sentiment survey, 59% of surveyed corporations reported AI-driven productiveness good points prior to now 12 months, in contrast with 32% within the 2024 survey.
Banks additionally reported rising returns from AI in different areas. The survey discovered that 21% of respondents consider AI is straight driving enterprise progress, in contrast with 8% within the survey a 12 months in the past.
In the meantime, a 3rd (33%) of respondents stated AI is enhancing buyer experiences, up from 14%. The identical quantity stated they’ve deeper buyer insights by means of AI, in contrast with 18% final 12 months.
On account of the enhancements, half of the finance firms surveyed stated they deliberate to extend spending on AI over the following 12 months.
