UBS has hired Janet Su from JPMorgan Chase to serve as its new global head of artificial intelligence and emerging technology, according to a person familiar with the matter. The move underscores the Swiss bank’s ambition to accelerate its adoption of AI across wealth management, investment banking, and asset management divisions.
Su’s Background and Role
Su spent over a decade at JPMorgan, most recently as a managing director leading AI and machine learning initiatives within the corporate and investment bank. At UBS, she will report to Mike Dargan, the bank’s group chief digital and information officer. Her mandate includes developing AI strategy, overseeing emerging technology investments, and embedding AI tools into client-facing and operational processes.
“Janet brings deep expertise in scaling AI solutions in a large financial institution, and we are delighted to welcome her to UBS,” Dargan said in an internal memo seen by Financial News. The appointment comes as UBS integrates Credit Suisse’s technology teams following its emergency acquisition of the rival bank in 2023.
UBS’s AI Push
UBS has been expanding its AI capabilities to improve efficiency and client service. The bank launched an AI-powered virtual assistant for wealth management clients in 2024 and has deployed machine learning models for fraud detection and risk management. Su will be tasked with unifying these efforts under a single global strategy.
“The potential for AI in banking is enormous, from personalizing client advice to automating compliance,” Su said in the memo. “I look forward to building on UBS’s strong foundation.” The bank has not disclosed specific investment figures for its AI initiatives, but it has hired dozens of data scientists and engineers over the past year.
Industry Context
UBS’s hiring of Su reflects a broader trend of banks poaching top AI talent from rivals. JPMorgan, Goldman Sachs, and Morgan Stanley have all made senior AI appointments in recent months. According to a 2024 survey by Accenture, 78% of global banks have adopted or are piloting AI in at least one business line, up from 56% in 2022.
Su’s departure from JPMorgan is a loss for the U.S. bank, which has invested heavily in AI under CEO Jamie Dimon. JPMorgan spent $17 billion on technology in 2024, with a significant portion allocated to AI and machine learning. The bank has not yet named a replacement for Su.
