Teresa Heitsenrether, who has led JPMorgan's AI strategy for three years, will leave at year-end; CTO Scot Baldry will absorb her role
Gabby Jones/Bloomberg via Getty Images
Now 61, Heitsenrether began at JPMorgan as a summer intern in 1987 and never left, building her entire professional life at the firm. Her three-year tenure overseeing AI strategy included spearheading the buildout of JPMorgan's large language model suite, a tool now in use across the overwhelming majority of the bank's global workforce of 320,000. During that period, JPMorgan secured a founding-member position among the select clients granted access to Anthropic's Mythos model, an arrangement referred to as Project Glasswing.
Heitsenrether's title and portfolio will transfer to Scot Baldry, the bank's chief technology officer, but Baldry will not be elevated to the 12-person operating committee that Heitsenrether currently sits on. In the new structure, Baldry's direct supervisor will be Chief Information Officer Lori Beer, who retains her own place on the operating committee, according to the outlet.
"Teresa has played a pivotal role in building and transforming some of our most important institutional businesses and, most recently, in shaping the firmwide data and artificial intelligence strategy that is central to our future," Dimon and Piepszak wrote in the memo.
Before moving into her AI role, Heitsenrether ran JPMorgan's prime brokerage and securities services units. At the helm of securities services, Heitsenrether was responsible for a custody portfolio of approximately $30 trillion in assets and delivered revenue growth exceeding 22% for the division. When Russia invaded Ukraine, she was tapped to lead JPMorgan's crisis coordination effort internally, according to the outlet.
Her departure comes at a moment of broader leadership change at JPMorgan. The bank named Doug Petno and Troy Rohrbaugh co-presidents last week, elevating the pair as the leading candidates to eventually succeed Dimon, while announcing the retirement of Marianne Lake, who had long been seen as a front-runner for the top job. Dimon, who turned 70 this year, has said the bank's board has multiple executives capable of eventually becoming CEO.
JPMorgan has been expanding its AI capabilities broadly. The bank carries a technology budget of nearly $20 billion annually and has said it plans to deploy AI agents capable of operating without human intervention for extended periods later this year.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
