HSBC’s head of artificial intelligence (AI) for markets and securities services has departed for rival bank, JP Morgan, The TRADE can reveal.
Ash Booth joins JP Morgan as applied AI lead for markets operations after spending the last nine years with HSBC in data science roles.
“We wish him all the best in his future endeavours and thank him greatly for his extensive contributions during his nine years with the bank and in particular the impressive leadership on artificial intelligence and machine learning in markets and security services over the past three years,” said Christiane Lindenschmidt, chief digital and data officer at HSBC in an internal memo seen by The TRADE.
JP Morgan confirmed the appointment but declined to comment further.
Booth originally joined HSBC in 2014 as a developer for front office data, working his way up to his most recent role as head of AI for markets and securities services which he served in for four years.
He departs as HSBC is redesigning its AI division. The bank recently integrated its generative artificial intelligence capability and data, analytics and CRM capability for its wholesale bank including global banking and commercial banking, renaming it as the Office of Applied Artificial Intelligence (OAAI).
“This consolidation enhances our artificial intelligence capabilities and aligns our resources for growth and opportunity, generating value at scale,” said HSBC in a statement.
Appointed to lead the OAAI is Edward J Achtner (EJ), reporting to Marc Ellis.
HSBC launched its digital service offering in May, aimed at enhancing the way institutional investors connect to the markets globally. Named AI Markets, the service uses natural language processing (NLP) to enhance institutional interaction with the markets including allowing them to generate bespoke analytics and gain access to HSBC’s cross-asset data sets.