UBS is establishing a dedicated team to help harness artificial intelligence and data analytics in a bid to bolster the bank’s digitization and cost-cutting efforts, according to news reports.

The AI, Data and Analytics team, as the new group is called, is tasked with establishing best practices, managing data and eliminating the duplication of data analysis, Bloomberg writes, citing a memo UBS chief executive officer Ralph Hamers sent to employees on Tuesday.

The team will coordinate with the firm’s wealth management, asset management, investment bank and Swiss units, according to the news service.

Rob Karofsky, chief of UBS’ investment bank, and Mike Dargan, the firm’s chief digital and information officer, will head the group, Bloomberg writes.

A spokeswoman for the firm confirmed the contents of the memo to the news service.

The new team goes hand-in-hand with Hamers’ plan to tap digital technologies to attract wealthy clients and cut costs. And that includes eliminating jobs, according to Bloomberg. UBS spends around $3.5 billion annually on technology, the news service writes.

In addition, UBS plans to break up its group research and analytics team, whose leader, Juan-Luis Perez, is leaving the firm at the end of the month, according to Bloomberg.

UBS will move staff from the team that analyzes wealth management clients to improve product offerings through features such as what it describes as smart emails into its wealth management unit, the news service writes.

The staff that covers macro topics, markets and companies are moving into UBS’ investment bank, the news service writes.

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