Bank of America promoted Sonali Theisen to run digital assets and Kevin Milsom to lead AI platform transformation, signaling deeper institutional commitment to both technologies. BAC Alpha Score is 57.
Bank of America promoted two executives to lead its digital-assets and artificial-intelligence efforts, the latest sign that large U.S. lenders are building internal infrastructure for both technologies.
Sonali Theisen was named head of global digital-assets platform, according to an internal memo seen by Bloomberg News on Friday and later confirmed by the bank. Kevin Milsom will become head of platforms AI transformation. Theisen keeps her current role running fixed-income, currencies and commodities e-trading, as well as markets strategic investments.
Her expanded mandate includes designing, building and scaling BofA’s digital-assets platform and integrating those offerings with traditional financial infrastructure, the memo said. Bloomberg reported that the bank is stepping up its digital-asset work as a friendlier regulatory environment draws more institutional clients into crypto.
Milsom, meanwhile, will focus on pushing AI adoption across the bank’s platforms, advocating for broader day-to-day use of the technology in operations, according to the memo.
The promotions follow earnings calls in which BofA and its Wall Street peers discussed AI more than in previous quarters, though executives warned against expecting quick cost savings. JPMorgan Chase CEO Jamie Dimon said the bank has about 1,000 AI use cases under development but that “the ultimate beneficiary of AI will be our customers,” reflecting the view that rivals will adopt similar tools.
BofA CFO Alastair Borthwick said roughly 300 AI use cases have been approved, with more than 100 deployed. The bank’s applications range from software development to tools for relationship managers and financial advisers. “AI is being woven into day-to-day operations rather than isolated inside innovation teams,” PYMNTS wrote.
Bank of America (BAC) carries an Alpha Score of 57 out of 100, placing it in the Moderate category on our proprietary stock-rating scale.
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