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Bank of America Names New Leaders for Digital Assets and AI Initiatives
Bank of America announced on July 17 2026 that Sonali Theisen will become the head of its global digital‑assets platform and Kevin Milsom will lead the bank’s platforms AI transformation. The appointments were reported by Bloomberg and confirmed by an internal Bank of America memo that the company released to the public.
Theisen will oversee the design, development, scaling and governance of the digital‑assets platform while retaining her current role as head of global fixed‑income, currencies and commodities e‑trading and markets strategic investments. In her new duties, she will work with senior leaders across the bank to build and expand the platform’s capabilities and to integrate those services with traditional financial infrastructure.
The bank’s focus on digital assets has grown as a more relaxed regulatory environment has increased institutional demand for cryptocurrency and stablecoins. The digital‑assets platform is positioned as a platform strategy rather than a retail trading launch. It is intended to support tokenized deposits, custody, settlement and the use of stablecoins within the bank’s existing systems.
At the same time, Bank of America is expanding its use of artificial intelligence across its global markets business. Kevin Milsom, as head of platforms AI transformation, will advocate for broader day‑to‑day AI adoption and oversee the deployment of AI solutions across the bank’s platforms.
Chief Financial Officer Alastair Borthwick said the bank’s AI work focuses on growth, efficiency, risk management and resiliency. According to the CFO, about 300 AI use cases have been approved and more than 100 are already deployed. The bank’s AI tools are being used by relationship managers, financial advisers, software developers and risk‑management teams, and the technology is being woven into routine operations rather than confined to innovation groups.
During the quarter‑end earnings discussion, Bank of America noted that AI occupies a larger share of the conversation than in previous periods. The bank’s CFO emphasized that AI is a measurable productivity tool, not a quick route to cost reductions. The bank’s Q2 2026 earnings report showed a 15 % year‑over‑year revenue increase to $31.6 billion and a 27 % rise in net income to $9.1 billion.
JPMorgan Chase’s CEO Jamie Dimon also highlighted AI in his earnings call, noting that the bank has about 1,000 AI use cases under development. Dimon cautioned that the economic benefits of AI will not be confined to the financial sector.
The appointments of Theisen and Milsom signal Bank of America’s intent to embed both digital‑asset and AI capabilities into its core operations. The bank’s digital‑assets platform remains a platform‑centric strategy aimed at integrating blockchain‑based services with legacy systems, while its AI transformation effort seeks to expand the use of machine‑learning tools across the bank’s global markets.
The impact of these moves on clients, regulatory scrutiny and the broader industry will become clearer as the bank continues to roll out its digital‑asset services and AI use cases in the coming months.
Theisen will oversee the design, development, scaling and governance of the digital‑assets platform while retaining her current role as head of global fixed‑income, currencies and commodities e‑trading and markets strategic investments. In her new duties, she will work with senior leaders across the bank to build and expand the platform’s capabilities and to integrate those services with traditional financial infrastructure.
The bank’s focus on digital assets has grown as a more relaxed regulatory environment has increased institutional demand for cryptocurrency and stablecoins. The digital‑assets platform is positioned as a platform strategy rather than a retail trading launch. It is intended to support tokenized deposits, custody, settlement and the use of stablecoins within the bank’s existing systems.
At the same time, Bank of America is expanding its use of artificial intelligence across its global markets business. Kevin Milsom, as head of platforms AI transformation, will advocate for broader day‑to‑day AI adoption and oversee the deployment of AI solutions across the bank’s platforms.
Chief Financial Officer Alastair Borthwick said the bank’s AI work focuses on growth, efficiency, risk management and resiliency. According to the CFO, about 300 AI use cases have been approved and more than 100 are already deployed. The bank’s AI tools are being used by relationship managers, financial advisers, software developers and risk‑management teams, and the technology is being woven into routine operations rather than confined to innovation groups.
During the quarter‑end earnings discussion, Bank of America noted that AI occupies a larger share of the conversation than in previous periods. The bank’s CFO emphasized that AI is a measurable productivity tool, not a quick route to cost reductions. The bank’s Q2 2026 earnings report showed a 15 % year‑over‑year revenue increase to $31.6 billion and a 27 % rise in net income to $9.1 billion.
JPMorgan Chase’s CEO Jamie Dimon also highlighted AI in his earnings call, noting that the bank has about 1,000 AI use cases under development. Dimon cautioned that the economic benefits of AI will not be confined to the financial sector.
The appointments of Theisen and Milsom signal Bank of America’s intent to embed both digital‑asset and AI capabilities into its core operations. The bank’s digital‑assets platform remains a platform‑centric strategy aimed at integrating blockchain‑based services with legacy systems, while its AI transformation effort seeks to expand the use of machine‑learning tools across the bank’s global markets.
The impact of these moves on clients, regulatory scrutiny and the broader industry will become clearer as the bank continues to roll out its digital‑asset services and AI use cases in the coming months.
