A Japanese bank promoted a new head of markets, with a curious mandate
Banks like talking about AI. Sometimes they even invest a bit in their tools. But sometimes, they put more than their money where they mouth is – they put checks and balances in place.
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Stu Taylor was named head of global markets artificial intelligence ex-Japan at MUFJ this week. Taylor already worked for MUFG. He joined as a managing director (MD) and head of electronic trading back in 2020.
The new title is an interesting one. In a social media post, Taylor called it a “refreshingly simple” mandate – “applying” AI to the bank’s revenue generation, cost base management, and global control environment.
Taylor is well-placed to lead the project, having founded trading software firm Algomi, and serving as its CEO for six years. He also has extensive banking experience, including six years as an MD in UBS’ fixed income trading teams.
MUFG is pretty big into AI. Its head of digital strategy - Morito Emi - spoke last year at the MUFG fintech festival in Singapore, noting that the bank could benefit in the AI race by using its “unique data.” He also foresaw the existence of “digital employees” working alongside humans.
MUFG’s AI agent of choice is ChatGPT, which is a bit of a break from other major global institutions such as the US Government or the Catholic Church, which seems to prefer using Anthropic’s Claude.
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