Nickel‐catalyzed ipso‐borylations and silylations of aldehydes are described for the first time. The new functional‐group interconversion protocol is characterized by its scalability, functional‐group tolerance and wide substrate scope, including examples of late‐stage functionalization of complex molecules. The key for the successful reaction outcome is the use of a ketone as a hydride acceptor that intercepts the nickel hydride to undergo a reductive pathway, thus allowing formation of the desired C−B and C−Si bonds.