In a recent move, Morgan Stanley appointed a new head of artificial intelligence. The appointment, as stated in a memo by the bank’s copresidents, Dan Simkowitz and Andy Saperstein, will help guide the implementation of artificial intelligence across the company.
Jeff McMillan, a former tech executive in the bank’s wealth management division, is now the new head of AI. Prior to this appointment, McMillan had led Wealth Management’s Analytics, Data & Innovation organization. He played a significant part in driving the technological evolution of wealth management.
This development comes after the bank, in 2023, became the first major company on Wall Street to develop a solution for employees based on GPT-4 by OpenAI. The solution provides financial advisors with faster access to Morgan Stanley’s database.
McMillan will be in charge of coordinating across the company to ensure that the appropriate artificial intelligence governance and strategies are in place. This will require him to collaborate with the infrastructure areas and business units to better prioritize and identify opportunities in AI. He will also be responsible for positioning the company in the thick of artificial intelligence development in the industry while ensuring that the company remains an esteemed AI innovator.
McMillan is expected to work closely with head of global research, Katy Huberty; head of firm strategy, Sid Visentini; and head of U.S. banks & technology, Mike Pizzi. In addition, he will cochair the companywide AI steering group with Huberty. The group is made up of infrastructure and business unit representatives.
This recent move demonstrates the increasing importance of AI in financial services, which has been driven by the rise of generative artificial intelligence tools that give human-like responses to questions, such as ChatGPT.
While most companies on Wall Street reduced their job offerings last year, the multinational investment bank and financial services company and a few other companies competed to fill AI positions, even going as far as to lure and poach employees from other organizations.
In June 2023, Teresa Heitsenrether was appointed to the role of chief data and analytics officer responsible for the adoption of AI by JPMorgan. Heitsenrether’s appointment is well deserved, particularly because since she gained control of securities services, the division’s revenue has increased by more than 20%.
Assets under custody also grew by nearly $9 million. Prior to her appointment, Heitsenrether led the global expansion of its brokerage business. Marco Agenti, a Chief Information Officer, is Goldman Sachs’ lead AI advocate.
With companies such as Intel Corp. (NASDAQ: INTC) manufacturing advanced computer components such as semi-conductors, it is unlikely to be hard for Morgan Stanley and other businesses to access the specialized components and systems they need to tap the benefits of AI.
About AINewsWire
AINewsWire (“AINW”) is a specialized communications platform with a focus on the latest advancements in artificial intelligence (“AI”), including the technologies, trends and trailblazers driving innovation forward. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, AINW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists, and the general public. By cutting through the overload of information in today’s market, AINW brings its clients unparalleled recognition and brand awareness.
AINW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from AINewsWire, text “AI” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit www.AINewsWire.com
Please see full terms of use and disclaimers on the AINewsWire website applicable to all content provided by AINW, wherever published or re-published: https://www.AINewsWire.com/Disclaimer
AINewsWire
Los Angeles, CA
www.AINewsWire.com
310.299.1717 Office
Editor@AINewsWire.com
AINewsWire is powered by IBN