July 17, 2026, (Inside AI) — Bank of America has appointed senior executives to accelerate artificial intelligence adoption across its global markets division, according to an internal memo obtained by Reuters on Friday.
The bank named Kevin Milsom as head of platforms AI transformation, reporting to Ashok Krishnan, head of platforms within global markets. Amy Avery and her Analytics, Modelling & Insights team will join the platforms group to oversee data-driven insights firmwide. Sonali Theisen adds head of global digital assets platform to her existing role as head of Global FICC E‑trading and markets strategic investments.
These moves signal a structural commitment to embedding AI into trading, analytics, and digital assets. Krishnan’s mandate includes modernizing technology and increasing automation through generative AI tools. The bank’s chief technology officer said late last year that it plans to spend billions of dollars on AI to boost productivity and revenue.
The Platform Play: Centralizing AI for Scale
By placing Milsom in a dedicated AI transformation role, Bank of America mirrors a broader Wall Street trend. Rivals like JPMorgan Chase and Goldman Sachs have similarly created centralized AI units to avoid fragmentation. Milsom’s position sits inside the platforms group, which already oversees core trading infrastructure—giving him direct access to systems where AI can impact execution, pricing, and risk.
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Krishnan’s team has been rolling out generative AI tools, but details remain scarce. Industry observers note that banks often start with internal productivity use cases—summarizing research, drafting code, or automating compliance checks—before moving to client-facing or trading applications.
Avery’s shift is equally telling. Her Analytics, Modelling & Insights team previously operated elsewhere. Moving it under platforms centralizes data science capabilities, potentially breaking down silos between quants, traders, and technologists. This could accelerate the deployment of machine learning models for market forecasting or client personalization.
Digital Assets Get a Dedicated Leader
Theisen’s expanded role highlights the growing intersection of AI and digital assets. As head of global digital assets platform, she will likely oversee blockchain-based trading systems, tokenization efforts, and crypto-related infrastructure. AI can enhance these areas through fraud detection, smart contract auditing, and algorithmic trading of digital currencies.
Her background in FICC E‑trading—covering fixed income, currencies, and commodities—suggests the bank sees digital assets as a natural extension of electronic markets. The dual role could foster synergies between traditional asset classes and emerging tokenized markets.
What’s missing from the memo is any mention of risk controls or ethical AI governance. Banks face regulatory pressure to ensure AI models are explainable and free from bias, especially in lending or trading. A 2025 Federal Reserve report warned that opaque AI systems could amplify market shocks. Bank of America’s appointments focus on adoption, but oversight structures remain unclear.
The bank’s multibillion-dollar AI investment aligns with industry spending. According to McKinsey, global banking AI expenditures could reach $100 billion annually by 2027. Yet returns are uncertain. A recent Accenture study found that only 12% of banks have scaled AI beyond pilots. Leadership appointments like these aim to bridge that gap.
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Bank of America did not immediately respond to a request for comment. The memo was signed by Krishnan and reported by Saeed Azhar; editing by Chizu Nomiyama.
