UBS SWELLS THE RANKS OF THE NEW AI BARRACKS – As the new banking world continues to reshape and develop, we have seen UBS move 80 employees into a new Artificial Intelligence Unit that has been designed to future-proof their fixed-income division and also stand ground against tech start-ups trying to gain market share from the larger investment banks. Christopher Purves will be leading the unit after serving the bank as their Co-Head of Fixed-Income Trading. The new team will include a variety of specialities, ranging from Data Scientists to Electronic Trading Specialists. The likes of JP Morgan, Citigroup and Deutsche bank, much like UBS, are taking steps to address the threat that is posed by FinTech competitors. Purves said “The competition outside of investment banking are thinking 24 hours a day about how they want to disrupt us, and eat our lunch. We’re going to be looking at whether there are going to be fundamental changes to fixed income, what they might be and what we need to do to get ahead of them.” #SpartanInternational