JPMorgan Chase is giving its artificial intelligence leadership a major revamp, with a majority of the executives now steering the bank’s AI strategy being of Indian origin. The change comes as the Wall Street giant shifts its focus from building AI infrastructure to using the technology more widely across its businesses.
The changes follow the retirement of Teresa Heitsenrether, the bank’s chief AI officer, after four decades with JPMorgan. The bank is also restructuring its firm-wide Chief Data and Analytics Office (CDAO), saying AI has reached a stage where business teams will play a bigger role in its adoption.
“With the foundations now in place, and AI delivery shifting more to business and functions, we believe that aligning CDAO with Global Technology will best position us to continue our momentum to deliver for our clients and colleagues,” an internal memo verified by Business Insider read.
The reshuffle also includes the departure of Gerard Francis, the bank’s chief product officer for data and AI. Earlier this year, Manuela Veloso, who led JPMorgan’s AI research team for eight years, also exited the firm.
The leadership changes come as JPMorgan continues to invest heavily in artificial intelligence. The bank spends nearly $20 billion a year on technology, and CEO Jamie Dimon recently said it already has more than 1,000 AI use cases across the business.
Indian-origin executives take centre stage
Among the key leaders now driving JPMorgan’s AI efforts, four are of Indian origin. Manoj Sindhwani has taken on a larger role after the restructuring. Already serving as chief information officer for AI, machine learning and data platforms, he will now also oversee the bank’s data and AI product teams. He is responsible for building the firm’s data platforms and helping execute its AI strategy. Sindhwani joined JPMorgan in 2024 after spending nearly a decade at Amazon.
Arvind Joshi, a JPMorgan veteran of more than 20 years, oversees the bank’s almost $20 billion annual technology budget, including investments in AI. He is responsible for allocating technology resources and has spoken publicly about the growing cost of AI tokens.
Sumitra Ganesh became head of AI research in February after Manuela Veloso’s departure. A decade-long JPMorgan executive, Ganesh’s research has largely focused on multi-agent systems in finance. As of April, JPMorgan had the largest AI research team among the 50 banks tracked by intelligence platform Evident AI.
Scot Baldry, who has expanded his responsibilities to become chief data and analytics officer in addition to serving as chief technology officer, will now lead JPMorgan’s overall AI programme and strategy. He joined the bank in 2022 after leadership roles at Goldman Sachs, Credit Suisse and T. Rowe Price.
Technology leaders guiding the AI push
At the top of JPMorgan’s technology organisation is global chief information officer Lori Beer, who oversees the bank’s technology systems, infrastructure and nearly 65,000 technologists. She also manages the firm’s technology budget and has been with JPMorgan since 2014.
Working alongside her is William Patrick Opet, who leads information security, technology controls and risk management. His role includes ensuring the bank’s AI systems remain secure and protected against cyber threats.
Mark Birkhead, the firm’s chief data officer, is responsible for preparing JPMorgan’s vast data resources for AI applications, including large language models and generative AI. He recently wrote on LinkedIn that “data strategy is the competitive differentiator in banking.”
According to the internal memo, Baldry’s expanded team will “focus on AI & data strategy and governance, commercialization and value delivery, and external engagement with policymakers, regulators and the broader ecosystem.”