Dive Brief:
- Charles Schwab Corporation is tapping CIO Dennis Howard to lead a newly formed technology, operations and data organization, the company said Thursday.
- The change represents an expansion of Howard's role to include operations alongside technology and data functions, the company said. Howard will continue reporting to Charles Schwab Corporation President and CEO Rick Wurster.
- The financial services firm is also restructuring the leadership team at its subsidiary, Charles Schwab Bank, as CEO Paul Woolway heads for retirement this summer, according to a press release. Tyler Woulfe, managing director of banking and trust services, will replace Woolway effective July 1.
Dive Insight:
AI is ushering in enormous change to the enterprise as CEOs push to realize the technology’s benefits. In some cases, companies are turning to CIOs to take on additional responsibilities and connect data and infrastructure with outcomes.
Nearly two-thirds of executives said AI has reframed their roles within the organization, according to a December report from IT management vendor Atera. The newly defined CIO role at Charles Schwab is a sign of the close tie between technology and enterprise operations.
CIOs are navigating expanded responsibilities and facing pressure to deliver tools that will create ROI. Nearly eight in 10 executives believe AI will start significantly contributing to enterprise revenue by 2030 as the technology redefines business operations, according to a study published by the IBM Institute for Business Value. Yet so far, delivering ROI has been a challenge for enterprise executives.
Financial services firms including Charles Schwab are investing in AI in search of productivity and efficiency gains. Wurster said greater AI use led to cost and efficiency savings during an investor call in January 2025.
A year later, Wurster said the firm is still relying on the technology to improve internal processes.
“With more than 220 use cases, we are leveraging artificial intelligence to help our professionals serve clients more efficiently,” Wurster said during a business update on Jan. 21. “We also continue to automate high-volume client requests, improving accuracy, speed and our client experience.”
