Bank of America has appointed Sonali Theisen to lead its global digital assets platform and Kevin Milsom to lead AI transformation, a move that places blockchain infrastructure and artificial intelligence more firmly inside one of the world’s largest banking groups.
The appointments show how major banks are moving beyond small tests of emerging technology and toward building systems that can support digital assets, automation, data analytics and new forms of market settlement at scale. The shift is especially important in global markets, where speed, risk controls, custody, collateral management and trade processing are central to daily operations.
According to internal communications, Theisen will oversee the design, scaling and governance of Bank of America’s digital assets platform. She will continue to manage electronic trading and strategic stakes across fixed income, currencies and commodities, giving her a role that connects traditional market infrastructure with newer blockchain-based systems.
Milsom will focus on the use of artificial intelligence across the bank’s global markets division. His role will include work tied to automation, risk modeling, operational efficiency and data-driven analytics, areas where large banks are trying to reduce manual processes and improve decision-making across trading desks and back-office functions.
The leadership changes come as the banking industry faces growing pressure to modernize. Digital assets, tokenized deposits, stablecoins and AI tools are increasingly being treated as part of mainstream financial plumbing rather than as experimental side projects. For Bank of America, which has a balance sheet of roughly $3.5 trillion, even modest changes in market infrastructure can carry broad implications for clients, traders and counterparties around the world.
What the new roles cover
Theisen’s new position puts her at the center of Bank of America’s work on digital assets within global markets. Her responsibilities will include platform design, governance and expansion, according to the internal communications. Those duties are especially important for a bank operating in heavily regulated markets, where new technology must fit within compliance, risk, cybersecurity and operational control frameworks.
She will work with Adam Dixon, the bank’s digital asset transformation lead, on several key initiatives. These include tokenized deposits, stablecoins, digital collateral mobility, cryptocurrency trade settlement and custody infrastructure.
Tokenized deposits are digital representations of bank deposits that can move on blockchain-based networks. In theory, they can make payments and settlement faster while remaining connected to regulated bank money. Stablecoins are digital tokens designed to maintain a stable value, often linked to government currencies such as the U.S. dollar. Digital collateral mobility refers to moving collateral more quickly between parties, venues or jurisdictions using digital records and automated systems.
Custody infrastructure is also a major focus. Large banks need secure systems to hold and transfer assets on behalf of clients. In traditional markets, custody is already a core banking function. In digital markets, the work is more complex because banks must manage private keys, blockchain transaction controls, cyber risks and regulatory reporting requirements.
By assigning a senior executive to coordinate these areas, Bank of America is signaling that it wants a more unified approach. Rather than treating digital asset projects as isolated technology tests, the bank is tying them to trading, settlement, collateral and custody.
AI becomes part of market operations
Milsom’s appointment reflects a separate but related priority: bringing artificial intelligence deeper into the bank’s global markets business.
AI is already used across finance for fraud detection, document processing, client service, coding support and market analysis. In global markets, banks are especially interested in tools that can help with risk modeling, pricing, data management and operational automation.
Bank of America Chief Executive Brian Moynihan has said employees at the bank already run more than 400,000 artificial intelligence prompts each day. That figure shows how quickly generative AI tools have entered daily workflows at large financial institutions.
For global markets, the challenge is not simply using AI more often. Banks must decide where the technology can be trusted, how outputs should be checked, and which tasks require human approval. Trading and risk systems operate under strict standards because errors can spread quickly across desks, clients and markets.
Milsom’s role is expected to focus on practical implementation. That includes making sure AI tools are used in ways that fit the bank’s controls and regulatory responsibilities. It also means finding areas where automation can reduce repetitive work without weakening oversight.
The appointment comes as financial firms compete to use AI for efficiency and scale. Large banks process huge amounts of market data, client information, risk reports and transaction records every day. AI can help organize and interpret that data, but banks must balance speed with accuracy, security and accountability.
Why banks are moving now
The move by Bank of America is part of a broader shift across the financial sector. Major banks have spent years studying blockchain technology and artificial intelligence, but the current phase is different. The focus is moving from research toward production infrastructure.
Several factors are driving the change. Clients are asking for faster settlement, more efficient collateral movement and clearer access to digital asset services. Regulators have also provided more guidance in some areas, giving banks a clearer path to build regulated products and platforms.
The stablecoin market has grown sharply, with its total size recently exceeding $323 billion. That growth has increased attention from banks, payment firms and policymakers. Stablecoins are already used widely in digital asset markets, but banks are examining how similar technology could be applied to payments, settlement and cash management.
In the United States, the federal GENIUS Act, passed last summer, created a clearer legal framework for regulated institutions handling certain digital assets, including stablecoins. For banks, legal clarity matters. It can determine whether a new product remains in a pilot stage or becomes part of a wider commercial platform.
Tokenization is another major theme. The idea is to represent assets such as deposits, bonds, funds or collateral on digital networks. Supporters say tokenization can reduce settlement delays, improve transparency and lower operational friction. Banks, however, must make sure tokenized systems connect safely with existing infrastructure.
That is one reason leadership appointments matter. The technology is only one part of the challenge. Banks also need governance, legal review, internal controls, client onboarding processes and links to current trading platforms.
Rivals are adding digital asset roles
Bank of America is not alone. Other major financial companies are adding senior roles tied to digital assets and AI as competition increases.
Earlier this month, Vanguard began recruiting for its first head of digital assets. The role is expected to help develop a cryptocurrency strategy for wealth management clients and coordinate with regulators. The move was notable because Vanguard has historically taken a cautious stance toward cryptocurrency products.
In January, Morgan Stanley named Amy Oldenburg to manage its digital asset strategy. The appointment came soon after the bank filed for listing spot Bitcoin and Solana exchange-traded funds. Oldenburg said in April that the firm was advancing work on tokenization and digital custody while trying to align those efforts with the bank’s current operating systems.
The activity shows that large firms are preparing for a market in which digital asset services may become part of standard client offerings. Banks are not only watching cryptocurrency prices. They are also looking at the infrastructure behind trading, settlement, safekeeping and collateral transfer.
Spot Bitcoin ETFs and other regulated products have already changed how many market participants access digital assets. Instead of holding tokens directly, some clients use familiar market products. Banks are now examining how custody, lending, collateral and settlement may evolve around those products.
The next stage could involve deeper integration between traditional assets and blockchain-based settlement systems. That does not mean the existing financial system will be replaced quickly. More likely, banks will build connections between old and new systems, testing use cases that can meet regulatory and operational standards.
Technology firms are entering the same field
The link between AI and digital finance is also attracting technology companies. In February, Elon Musk’s company xAI sought a crypto quantitative specialist to support model training for digital asset derivatives and decentralized finance systems.
That type of hiring shows how AI developers are looking at digital markets as a source of data, modeling challenges and trading infrastructure use cases. Digital asset markets operate around the clock and generate large amounts of public transaction data. That makes them attractive for firms building models that analyze market behavior, liquidity and risk.
For banks, this creates another competitive layer. They are not only competing with other banks. They are also watching technology firms, fintech companies and data providers that may build tools for trading, settlement or analytics.
Still, banks have advantages in regulated markets. They already serve large corporate clients, asset managers, pension plans, hedge funds and sovereign entities. They also operate under established legal and compliance frameworks. If digital assets become part of mainstream finance, banks are likely to play a major role in connecting clients to regulated services.
Stablecoins and tokenization move closer to banks
The growth of stablecoins has become one of the clearest signs that digital assets are moving into areas traditionally served by banks. Stablecoins are often used for trading, payments and cross-border transfers in digital markets. Their speed and availability have made them useful in markets that operate outside normal banking hours.
Regulated banks are now studying how similar instruments could support settlement and liquidity management. Tokenized deposits may be especially important because they are tied directly to commercial bank money. Unlike some stablecoins, tokenized deposits could remain within the banking system’s balance sheet and compliance structure.
Digital collateral mobility is another area drawing attention. In global markets, collateral must often move quickly to support derivatives, securities financing and other transactions. Delays can create funding pressure or operational risk. A digital collateral system could allow assets to be identified, transferred and tracked more efficiently.
However, the transition is complex. Banks must make sure digital records match legal ownership rights. They must also manage interoperability between platforms, cybersecurity risks and settlement finality. Regulators will want to know how these systems behave under stress, especially during periods of market volatility.
Theisen’s role will likely involve many of these questions. A global digital assets platform at a bank the size of Bank of America cannot be limited to technology design. It must also operate within a framework that satisfies legal, risk, compliance and client requirements across jurisdictions.
What traders are watching
For traders, the growing involvement of large banks in digital assets and AI may change how market signals are interpreted. Instead of focusing only on retail activity or token price momentum, many traders are watching for signs of institutional infrastructure buildout.
That includes changes in stablecoin supply, tokenized cash products, custody announcements, blockchain settlement pilots and public records of asset movement on networks used by regulated firms. Traders are also watching how banks describe their digital asset strategies in earnings calls, regulatory filings and public statements.
AI adoption may also affect how markets operate. Faster data processing and automated risk tools could improve liquidity management, but they may also increase the speed at which market reactions spread. Banks will need to manage these tools carefully, especially in fast-moving conditions.
The near-term impact of Bank of America’s appointments may not appear immediately in public markets. Large banks often build infrastructure quietly before launching products to clients. Still, senior appointments can show where resources are being directed.
The broader message is clear: digital assets and AI are no longer being treated as separate experiments. They are becoming part of the strategy for trading, settlement, custody, collateral and client service.
From experiments to market plumbing
Bank of America’s decision to elevate leadership around digital assets and AI reflects a major change in how traditional finance views emerging technology. The focus is now on building reliable systems that can operate within regulated markets.
The bank’s scale makes the appointments especially significant. With trillions of dollars on its balance sheet and a large global markets franchise, Bank of America has the ability to influence how new infrastructure develops. Its work on tokenized deposits, stablecoins, custody and AI-driven automation will be watched closely by clients, traders, regulators and competitors.
The shift is also part of a larger pattern across Wall Street and the technology sector. Vanguard, Morgan Stanley and xAI are all moving in ways that connect digital assets, AI and market infrastructure. Each is approaching the field differently, but the direction is similar: digital finance is becoming more integrated with mainstream systems.
For now, the industry remains in a transition period. Traditional markets still rely on established clearing, settlement and custody networks. Digital systems must prove they can match or improve those standards while meeting regulatory expectations.
Bank of America’s new appointments suggest the bank believes that transition is accelerating. The next phase will depend on execution: whether large financial institutions can turn digital asset and AI plans into secure, scalable and widely used market infrastructure.
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