UBS has recently appointed Daniele Magazzeni, a former AI leader at JPMorgan, as its chief AI officer as the organization places a strong emphasis on technology.
Magazzeni brings with him almost six years of experience from JPMorgan, where he held various roles in AI research and its AI center of excellence, eventually serving as the chief analytics officer in its commercial and investment bank.
A recent study revealed that US banks dominate the top 10 group of AI leaders in the banking sector, with JPMorgan securing the top spot in Evident’s Banking AI adoption index, while UBS ranked 7th.
UBS stated that Magazzeni will lead the firm’s AI strategy to enhance business capabilities and improve client experience and employee productivity.
Mike Dargan, UBS’s group chief operations and technology officer, emphasized the importance of AI for the organization, stating that Magazzeni will optimize the use of traditional, generative, and agentic AI capabilities to drive operational transformation and provide innovative solutions to clients.
The CEO of Evident, Alexandra Mousavizadeh, highlighted the intensifying competition for AI talent in the banking sector, emphasizing the need for banks to recruit experts to stay competitive in the rapidly evolving landscape.
Evident’s research indicated that leading banks, including UBS and JPMorgan, are advancing in AI adoption at a much faster pace than their peers, realizing significant returns on their technology investments.
According to Lloyds Banking Group’s Financial institutions sentiment survey, a majority of firms reported productivity gains driven by AI in the past year, signaling a growing recognition of the business value generated by AI investments.
Furthermore, banks are experiencing enhanced customer experiences and deeper insights through AI, prompting a significant number of finance companies to increase their AI spending in the coming months.
