From intern to C-suite: JPMorgan’s Teresa Heitsenrether on building a fully AI-powered ‘megabank’
There are plans to more than double the company’s data and AI talent in the Asia-Pacific region, with ‘meaningful addition’ in Singapore
The strategies and stories that shape today’s leaders
[SINGAPORE] When Teresa Heitsenrether graduated from university in the mid-1980s with plans to further her studies, it was her father who advised her to take up a summer internship at JPMorgan Chase – then known as Morgan Guaranty Trust Company – and to give it a year before deciding what to do next.
She never did go back to school. Instead, she enjoyed her stint so much that she joined on a full-time basis.
Over the next 40 years, Heitsenrether worked her way up at the largest bank in the US, eventually entering the C-suite where she is now one of just 13 senior executives in the operating committee, where she works alongside chairman and CEO Jamie Dimon.
As the bank’s chief data and analytics officer (CDAO), Heitsenrether has a front row seat to how artificial intelligence is transforming the banking and finance sector at breakneck speed.
In this high-profile role, which she took on in 2023, she is responsible for driving the company-wide adoption of AI to develop new products, enhance productivity and improve risk management.
It is quite the task she has on her plate, for JPMorgan has some 319,000 people working in more than 100 countries on the payroll today, and billions of dollars invested in AI.
It was reported previously that the aim is to eventually become the first fully AI-powered “megabank”, with the vast majority of the workforce already getting training to use all sorts of AI tools, such as its proprietary LLM (large language model) Suite.
As at early 2026, the company deployed over 450 AI use cases, ranging from fraud prevention and risk management to investment research and personalised marketing.
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In a recent interview with The Business Times, 61-year-old Heitsenrether said that JPMorgan has been working “very actively” in AI for more than a decade in traditional banking areas such as credit underwriting, pricing and fraud detection.
“If you think about our consumer franchise and our payment franchise, they have tremendous volumes that they go through every day. Protecting our customers and protecting the company from fraud has been a big focus area, as well as everything to do with marketing and customer personalisation through analytics and data,” she said in a 30-minute chat at the bank’s Singapore office at CapitaSpring in Raffles Place.
“What’s changed a lot for us, and most of the other enterprises, is the advances that we have seen in the last few years – particularly with generative AI – have made AI much more accessible to every single person in the company. Whereas before it was the domain of data scientists and engineers, now everybody has access to these incredible, powerful tools.”
Thirst for learning
In Heitsenrether’s view, it is impossible to sit still when it comes to appreciating and making full use of what AI can do.
“This is a space where you really have to be constantly thirsty for knowledge because it changes so much,” she said.
“We spend a lot of our time talking to model developers, clients and people in different industries, just to keep understanding how things are evolving. It’s still a moving train, so you have to stay up to speed on what’s happening.”
She told BT that the bank is committing more resources into Singapore and the wider Asia-Pacific as a whole, particularly in AI.
Heitsenrether revealed that there are plans to “more than double” the company’s data and AI talent in the region, “with meaningful addition” in Singapore. She did not provide specific numbers.
“We are fortunate to have a very deep talent base, both within our central team and embedded in all of our lines of business. We have a lot of people who have deep expertise in this domain (of data and AI),” she said.
“Maybe you’re not going to be a data science expert, but AI will be a tool that everyone has to work with. So we will provide these tools to our people, and have them understand what’s possible. There isn’t a need for everybody in the company to be deep experts on how LLMs work, for instance. You just need to know what they are capable of doing.”
Banking veteran
Heitsenrether said that when the opportunity to take up her current role came up, it was a “relatively quick decision” for her to say yes.
“I honestly believe this is one of the most transformational and impactful things for the company... and to have that opportunity to be able to help steer it is amazing,” she said.
“I had spent my entire career at JPMorgan – all of it in the investment banking side and running large global businesses. And so when I was asked to be the CDAO, the rationale was to have somebody who’s got a real commercial focus, because the view is that this is very much about impacting business.”
She is of the view that while AI will feature prominently in life from now on, there are some critical skills that will never change.
“Like intellectual curiosity – that should be at the top of the list. Now, more than ever, the ability to take in a lot of information and just discern what’s relevant is really important. For example, critical thinking that goes into how to take all this great information and make sense out of it,” she said.
“The ability to connect with people (will not) go away with technology, especially in our business. It’s a business that’s about trust and relationships.”
It has been quite the ride for Heitsenrether – once named one of American Banker’s most powerful women in finance – over these last four decades.
Before becoming the AI chief, she was the global head of securities services from 2015 to 2023.
JPMorgan said in a news release that over the course of those eight years, the business increased revenue by more than 22 per cent, grew assets under custody by nearly US$9 trillion, and more than doubled assets under administration.
Heitsenrether was also the global head of prime brokerage, and had taken on responsibilities across different roles within the treasury and fixed income businesses in New York and London.
“I’ve probably had 10 careers within one career. I’ve not come to work a single day over all these years and felt bored or not learnt something in the day. I mean, who – at this stage of their career – gets to take on data and AI? I don’t think that happens in a lot of places. And as long as it’s still fun, I get up and come to work every day very happily.”
Three questions with JPMorganChase’s chief data & analytics officer Teresa Heitsenrether
Q: Was there a pivotal moment in your career or personal life that changed your approach to leadership?
Being tapped to build out the prime brokerage business was a defining point in my career. It taught me the importance of having conviction in what you are doing and the confidence to take on such a major strategic initiative.
Q: What is one piece of “unconventional wisdom” you swear by that most business schools would tell you is wrong?
I believe my most important job as a leader is to put myself out of a job. That means hiring exceptionally talented people, investing in their development, and promoting them when they are ready. By empowering others, you not only build a stronger team but also create opportunities for your own growth. True leadership is about making yourself replaceable by elevating those around you.
Q: When you feel burnout creeping in, what’s your non-business-related “panic button” activity or routine that reliably resets your focus?
It’s essential to carve out time for yourself, even though it’s easier said than done. For me, that means making time to exercise or getting lost in a good book. These activities are productive in their own way but, more importantly, they allow my mind to shift away from work and recharge.
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