Finance
Safra CEO says Saxo deal shows need for tech scale in AI era
Published by Global Banking & Finance Review®
Posted on March 2, 2026
3 min readLast updated: March 2, 2026
Quick Summary
J. Safra Sarasin’s €1.1 billion acquisition of a 70% stake in Saxo Bank underscores the growing emphasis on technological capabilities—particularly agile digital platforms and AI—to remain competitive in wealth management.
Safra CEO: Saxo Acquisition Underscores Urgent Need for AI-Driven Tech Scale
The Impact of AI and Technology on Wealth Management
By Ariane Luthi and Oliver Hirt
Safra’s Strategic Acquisition of Saxo Bank
ZURICH, March 2 (Reuters) - J. Safra Sarasin's acquisition of Denmark's Saxo Bank, which has a digital trading and investment platform, reflects wealth managers' need to invest more in technology as AI threatens to shake up the business, the Swiss private bank's CEO told Reuters.
Safra completed on Monday its purchase of a 70% stake in Saxo in a deal worth around 1.1 billion euro ($1.30 billion).
Technology Architecture and Agility
"Saxo is all about the technology architecture," J. Safra Sarasin's CEO Daniel Belfer said. "It's all about the agility to make changes that are coming to the market and adapting to customer demands quickly."
AI’s Disruption of the Wealth Management Model
Shares of wealth managers tumbled in February as investors worried that new AI tools could damage their business model by undercutting demand for financial advice.
Emergence of AI Tools in Financial Services
AI lab Anthropic last week unveiled new ways for businesses to use its plug-ins in their work, including for wealth-management tasks such as portfolio analysis. That followed start-up Altruist introducing AI-enabled tax planning features.
Shift in Investment Strategies
The AI transformation is likely to shift banks' return-on-investment calculus toward investing in frontier technology, rather than relying on the old playbook of acquiring wealth managers to expand their client base, said Christian Edelmann, a banking expert at consultancy Oliver Wyman.
J. Safra Sarasin is still looking at traditional acquisitions, but with Saxo Bank, tech was the main factor, Belfer said.
"AI will be everywhere," he added. "You will still have people, but you'll be able to give a lot more detail to the client on their account."
Leadership Changes and Future Outlook
Executive Transitions at Saxo Bank
Belfer will become CEO of Saxo as well following the merger, replacing Kim Fournais who will step down and chair the Danish bank's board of directors, Saxo said on Monday.
Generative AI’s Role in Personalization
Generative AI is already enabling hyper-personalised services, making historically uneconomic segments cheaper to serve while boosting adviser productivity in higher-wealth segments, Edelmann at Oliver Wyman said.
Automated Workflows and Workforce Evolution
"We're moving towards automated workflows with human oversight," he said. "In three years, people in the workforce will no longer be doing what they are doing today."
Industry-Wide AI Adoption
American payment firm Block said last week it would cut nearly half its workforce as part of an overhaul to embed AI across its operations.
Broader Wealth Management Trends
Banks across Europe have been expanding into wealth management to grow fee income. Britain's NatWest this month announced a 2.7 billion pound deal to buy Evelyn Partners.
($1 = 0.8491 euros)
(Reporting by Ariane Luthi and Oliver Hirt; Editing by Tommy Reggiori Wilkes and Susan Fenton)
Key Takeaways
- •The deal centers on technology, with CEO Daniel Belfer highlighting Saxo’s digital architecture as key to adapting swiftly to market and client demands.
- •AI is reshaping wealth management, pressuring firms to invest in frontier tech rather than rely solely on traditional expansion models.
- •Following the acquisition, Belfer will become Saxo’s CEO, while founder Kim Fournais steps down and transitions to board chair, reflecting a broader leadership shift.
Frequently Asked Questions about Safra CEO says Saxo deal shows need for tech scale in AI era
1Why did J. Safra Sarasin acquire Saxo Bank?
J. Safra Sarasin acquired Saxo Bank to leverage its advanced technology and digital trading platform, aiming for greater agility and tech scale in a rapidly evolving AI era.
2How is AI affecting wealth management?
AI is enabling hyper-personalised services, automating workflows, and making it easier and cheaper to serve a broader range of clients, thus changing the traditional wealth management business model.
3Who will lead Saxo Bank after the acquisition?
Daniel Belfer, CEO of J. Safra Sarasin, will also become the CEO of Saxo Bank, taking over from Kim Fournais, who will chair Saxo's board.
4What impact is AI expected to have on the banking workforce?
AI-driven automation is expected to change the nature of banking jobs, shifting employees away from current tasks as automated workflows with human oversight become more common.
5Why are banks investing more in technology now?
Banks are investing in technology to stay competitive as AI transforms client services and operational efficiency, making tech-driven acquisitions like Saxo Bank more attractive than traditional ones.
