BofA names 3 senior executives to drive AI push in global markets

Bank of America named Kevin Milsom as head of platforms AI transformation and elevated two other executives, accelerating the deployment of generative AI tools across its global markets business, according to an internal memo seen by Reuters.

"These appointments reflect our commitment to modernizing technology and increasing automation across the global markets platform," Ashok Krishnan, head of platforms within the global markets group, said in the memo.

Amy Avery and her Analytics, Modelling & Insights team will join the global platforms group to oversee data-driven insights across the firm. Sonali Theisen was named head of the global digital assets platform, adding to her current role leading Global FICC E-trading and markets strategic investments. Krishnan, who oversees the modernization effort, has been leading the rollout of generative AI tools and other new technologies across the unit.

The appointments signal BofA's push to embed AI across its fixed-income, currency and commodity trading desks, where automation can directly impact revenue. The bank's chief technology officer said late last year that BofA plans to spend billions of dollars on AI technologies to boost bankers' productivity and bring in more revenue, following earlier reports that AI tools were already lifting efficiency across the firm.

AI's Expanding Role in Banking Operations

BofA joins a growing list of Wall Street lenders reorganizing leadership around AI. JPMorgan Chase has deployed machine-learning models across its trading and payments businesses, while Goldman Sachs has integrated AI into its risk management and client analytics platforms. The moves come as the largest U.S. banks collectively spend an estimated $20 billion annually on technology, with AI-related investments accounting for a rising share.

For BofA, the new structure consolidates AI oversight under Krishnan's platforms group, bringing together data analytics, digital assets and AI transformation under a single leadership chain. The appointment of Theisen to lead digital assets alongside her FICC e-trading role suggests the bank sees growing overlap between digital asset markets and traditional fixed-income trading infrastructure.

What's at Stake for BofA's Bottom Line

Each basis point of efficiency gained across BofA's global markets operations translates into meaningful revenue upside. The bank's global markets division generated $7.2 billion in revenue in the first half of fiscal 2026, according to company filings, with FICC accounting for the largest share. If AI-driven automation can reduce execution costs or improve pricing accuracy by even a fraction of a percent, the impact on profitability could be substantial.

The bank has not disclosed specific AI investment targets or productivity metrics tied to the new leadership structure. BofA's CET1 ratio stood at 11.9 percent as of the most recent quarter, giving it room to fund technology investments while maintaining regulatory capital buffers.

This article is for informational purposes only and does not constitute investment advice.