Morgan Stanley’s digital sign is seen at the corporate’s headquarters in Times Square in New York, U.S., on Friday, Jan. 12, 2016.
John Taggart | Bloomberg | Getty Images
Morgan Stanley CNBC has learned that he promoted the chief technology officer of the wealth management division to be the bank’s first company-wide head of artificial intelligence.
The bank is rising Jeff McMillanveteran New York bank to assist implement artificial intelligence across the corporate, based on a memo sent Thursday from co-CEOs Andy Saperstein and Dan Simkowitz.
Last yr, Morgan Stanley became the primary major Wall Street firm to construct an worker solution based on OpenAI’s GPT-4, a project McMillan oversees.
The move highlights the growing importance of artificial intelligence in financial services, driven by the rapid development of generative artificial intelligence tools that create human responses to queries.
Even though Wall Street firms substantially shed jobs last yr, competed fill 1000’s of AI positions by taking employees away from one another.
In June, JPMorgan named Teresa Heitsenrether, director of data and evaluation chargeable for the implementation of artificial intelligence. On Goldman SachsCIO Marco Argenti is seen as a serious supporter of artificial intelligence.
Read Morgan Stanley’s full note announcing McMillan’s latest role:
We’re pleased to announce that Jeff McMillan has taken on a brand new role as Head of Artificial Intelligence at Firmwide, co-reporting with us.
Jeff previously led Wealth Management’s analytics, data and innovation organization, where he played a key role in driving Wealth Management’s technological evolution, from our Modern Wealth Management platform to our groundbreaking collaboration with our exclusive partner, OpenAI.
In his latest role, Jeff will coordinate activities across the corporate to make sure proper AI strategy and governance. He will work with business units and infrastructure areas to discover and prioritize AI opportunities; help position the corporate for industry-wide AI development and make sure that Morgan Stanley continues to be a respected innovator in AI.
To implement our AI strategy, Jeff will work closely with Mike Pizzi, director of U.S. banking and technology, Sid Visentini, director of corporate strategy, and Katy Huberty, director of global research. Katy and Jeff will co-chair the Firmwide AI Steering Group, comprised of representatives from the business and infrastructure units.
Please join us in congratulating Jeff on his latest role.
