UBS moves 80 staff into AI unit

Swiss bank switches its co-head of fixed income trading Chris Purves to head the operation

by Financial News 16 May 2018

UBS has moved 80 people into a new unit that will aim to research how its fixed income trading division can make better use of technology to ensure its survival.

The Swiss bank has switched its co-head of fixed income trading Chris Purves to head the operation, which features data scientists, technologists, machine learning experts and electronic trading specialists.

The unit, called the Strategic Development Lab, will also look at ways of using artificial intelligence on the trading floor, and is tasked with ensuring UBS's fixed income division remains "fit for purpose” by 2025, as banks battle a range of fintech startups, Purves said.