An AI MD in HSBC's markets team has left for Deutsche Bank
For all the fear of AI replacing jobs in banks, the technology can also open up some impressive promotion pathways if you're shrewd enough. HSBC's Dara Sosulski spent the early years of her career as a financial crime risk management quant but, after transitioning to AI, she has received an MD promotion and a big move to a rival bank.
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Sosulski joined Deutsche Bank in London this week as an MD and head of AI for corporate and investment banking operations and controls. She'll be implementing AI for the middle and back office staff supporting front office corporate and investment bankers.
Sosulski previously spent a decade with HSBC. She was most recently head of AI and model management within the bank's markets division; her focus there was "to significantly enhance access to proprietary and external data sources," and increase the capability to analyze that data. She started in financial crime risk modelling but eventually became head of quant risk for the bank's markets division. She spent six years as a director and only made MD after transitioning into her most recent AI role.
In November, Sosulski that HSBC was not using AI to replace entry-level roles. It has since, however, announced plans to cut ~20,000 jobs over a three year period using the technology. Non-client-facing roles are thought to be at risk. Deutsche Bank doesn't seem to be taking that approach yet; the bank's head of macro and thematic research Jim Reid said this month that AI is having an unprecedented impact on productivity but "it’s going to take a number of years for us to properly embed it into enterprises to really get the benefits."
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