Morgan Stanley’s digital sign is seen at the company’s headquarters in Times Square in New York, USA, on Friday, January 12, 2016.
John Taggart | Bloomberg | Getty Images
Morgan Stanley The company promoted a tech executive in its wealth management division to become the bank’s first head of enterprise artificial intelligence, CNBC has learned.
The bank is appointing Jeff McMillan, a veteran of the New York-based bank, to help implement AI across the company, according to a memo sent Thursday by co-presidents Andy Saperstein and Dan Simkowitz.
Last year, Morgan Stanley became the first major Wall Street firm to develop an employee solution based on OpenAI’s GPT-4, a project overseen by McMillan.
The move highlights the increasing importance of artificial intelligence in financial services, sparked by the meteoric rise of generative AI tools that produce human-like responses to queries.
While Wall Street firms largely cut jobs last year, they competed to fill thousands of AI positions and poached employees from each other.
In June, JPMorgan named Teresa Heitsenrether as its chief data and analytics officer, responsible for AI adoption. At Goldman SachsChief Information Officer Marco Argenti is considered a leading AI advocate.
Read the full memo from Morgan Stanley announcing McMillan’s new role:
We are pleased to announce that Jeff McMillan has taken on a new position as Head of Firmwide Artificial Intelligence, reporting to us as co-reporting officer.
Jeff previously led Wealth Management’s analytics, data and innovation organization, where he played a key role in advancing Wealth Management’s technology evolution, from our Modern Wealth Management platform to our groundbreaking work with our exclusive partner OpenAI.
In his new role, Jeff will coordinate across the company to ensure we have the right AI strategy and governance in place. He will work with business and infrastructure divisions to identify and prioritize AI opportunities; Help position the company in the flow of AI development across the industry and ensure Morgan Stanley remains a respected innovator in AI.
To execute our AI strategy, Jeff will work closely with Mike Pizzi, Head of US Banks and Technology, Sid Visentini, Head of Firm Strategy, and Katy Huberty, Head of Global Research. Katy and Jeff will co-chair the Firmwide AI Steering Group, comprised of business unit and infrastructure representatives.
Please join us in congratulating Jeff on his new role.
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2024-03-14 21:14:36
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