Major U.S. lender Bank of America (BAC, Financials) with businesses in consumer banking, trading and wealth management, is assigning more senior executives to its artificial intelligence strategy.
The bank has appointed Kevin Milsom head of platforms AI transformation, an internal memo said. His work will be centered on driving the use of AI tools in the global markets company and accelerating automation.
Amy Avery and her analytics team are also moving to the global platforms group. The team is involved in data work, modeling, and business intelligence.
Sonali Theisen was also named to manage the bank's worldwide electronic assets platform. She will continue to head fixed-income electronic trading and strategic investments.
The modifications are a sign of how seriously Bank of America is taking AI. The bank said it plans to invest billions of dollars in technology that can help staff work quicker and boost revenue growth.
The test will be practical in the immediate future. Investors will look for signs that the new structure is improving efficiency, lowering operational costs and boosting performance in the bank's markets division.