US Markets
Friday, March 15th, 2024 3:37 am EDT
Key Points
- Morgan Stanley has promoted Jeff McMillan, a tech executive from its wealth management division, to the position of the bank’s first head of firm-wide artificial intelligence.
- McMillan’s appointment reflects the increasing importance of artificial intelligence in the financial services sector, particularly fueled by the rapid development of generative AI tools capable of human-like responses.
- Despite broader job cuts in the financial industry, there has been fierce competition among Wall Street firms to fill thousands of AI positions, highlighting the growing emphasis on AI adoption and innovation.
Morgan Stanley has promoted Jeff McMillan, a tech executive in its wealth management division, to the bank’s inaugural head of firm-wide artificial intelligence, signaling the increasing significance of AI in financial services. McMillan’s elevation underscores the bank’s commitment to leveraging AI technology across its operations. Last year, Morgan Stanley made strides in AI implementation by being the first major Wall Street firm to develop a solution based on OpenAI’s GPT-4 under McMillan’s supervision. This move reflects the broader trend in the financial industry, where firms have been actively seeking to integrate AI tools, particularly those capable of generating human-like responses. Despite job cuts in other areas, Wall Street has been fiercely competing to fill AI positions, with firms like JPMorgan and Goldman Sachs also making strategic appointments to drive AI adoption. McMillan’s new role at Morgan Stanley involves coordinating AI strategy and governance across the firm, partnering with business units and infrastructure areas to identify and prioritize AI opportunities. He will work closely with key stakeholders, including Mike Pizzi, Sid Visentini, and Katy Huberty, to execute the firm’s AI strategy and ensure Morgan Stanley remains at the forefront of AI innovation in the financial sector. The appointment reflects Morgan Stanley’s commitment to staying ahead in the rapidly evolving landscape of artificial intelligence.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/03/14/morgan-stanley-names-head-of-artificial-intelligence-jeff-mcmillan.html
