UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence and data analytics to drive the bank's digitization. The new team called AI, Data and Analytics, will be lead by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a memo Hamers sent to employees on Tuesday and seen by Bloomberg. Its contents were confirmed by a spokeswoman.

One of the world's biggest wealth managers doesn't think artificial intelligence can replace the role of financial advisors. Ralph Hamers, the CEO of UBS, said Wednesday that technologies like AI were better suited to handling day-to-day functions like opening an account or executing trades than advising clients. "There is no added value for client advisors to be engaged in a process like that," Hamers told CNBC's Geoff Cutmore at the virtual CNBC Evolve Global Summit. "Our financial advisors actually should be supported by the technology," Hamers said, adding that AI could be used to make sense of the research and other data that advisors don't have time for. "That is what artificial intelligence can do, because even our client advisors can't read all the research that is there," he said.

June 18, 2021: -One of the world's most prominent wealth managers doesn't think artificial intelligence can replace the role of financial advisors. On Wednesday, Ralph Hamers, the CEO of UBS, said that technologies such as AI were better suited to day-to-day handling functions such as opening an account or executing trades than advising clients. "There is no added value for client advisors to be engaged in the process like that," Hamers told CNBC's Geoff Cutmore at the virtual CNBC summit. "That is what artificial intelligence can do because even our client advisors cannot read all the research that is there," he added. "Our client advisors can't comprehend all the product options that are out there," he added.