The Morgan Stanley digital foreboding is seen at the company’s Times Square headquarters in New York, U.S., on Friday, Jan. 12, 2016.
John Taggart | Bloomberg | Getty Images
Morgan Stanley pushed a tech executive in its wealth management division to become the bank’s first head of firm-wide artificial intelligence, CNBC has literate.
The bank is elevating Jeff McMillan, a veteran of the New York-based bank, to help guide its implementation of AI across the firm, according to a memo sent Thursday from co-presidents Andy Saperstein and Dan Simkowitz.
End year, Morgan Stanley became the first major Wall Street firm to create a solution for employees based on OpenAI’s GPT-4, a plan overseen by McMillan.
The move shows the rising importance of artificial intelligence in financial services, sparked by the meteoric climb of generative AI tools that create human-like responses to queries.
While Wall Street firms broadly shucked back jobs last year, they competed to fill thousands of AI positions, poaching employees from one another.
In June, JPMorgan named Teresa Heitsenrether its chief details and analytics officer in charge of AI adoption. At Goldman Sachs, Chief Information Officer Marco Argenti is seen as the pre-eminence AI advocate.
Read the full Morgan Stanley memo announcing McMillan’s new role:
We are pleased to announce that Jeff McMillan has fake a new position as Head of Firmwide Artificial Intelligence, co-reporting to us.
Jeff previously led Wealth Management’s Analytics, Data and Modernization organization where he played a key role in driving Wealth Management’s technological evolution, from our Modern Wealth Executives platform to most recently our groundbreaking work with our exclusive partner, OpenAI.
In his new role, Jeff will correlate across the Firm to ensure we have the appropriate AI strategy and governance in place. In doing so, he will partner with the concern units and infrastructure areas to identify and prioritize AI opportunities; help position the Firm within the flow of AI development across the manufacture and ensure that Morgan Stanley continues to be a well-respected innovator in AI.
To execute on our AI strategy, Jeff will work closely Mike Pizzi, Prime of U.S. Banks and Technology, Sid Visentini, Head of Firm Strategy and Katy Huberty, Head of Global Research. Katy and Jeff want co-chair the Firmwide AI Steering Group, comprised of business unit and infrastructure representatives.
Please join us in congratulating Jeff on his new lines.
