How is data science applied in investment banking?
In investment banks, this role is called "Quant" (Quantitative analyst). A quantitative analyst is a person who specializes in the application of mathematical and statistical methods to financial and risk management problems. The occupation is similar to those in industrial mathematics in other industries.

https://www.phaidoninternational.com/industryinsights/the-growth-of-quants-in-investment-banks-71503010311421

https://www.investopedia.com/articles/active-trading/111214/quants-what-they-do-and-how-theyve-evolved.asp

https://www.investopedia.com/articles/financialcareers/08/quants-quantitative-analyst.asp

https://en.wikipedia.org/wiki/Quantitative_analyst