American investment bank Morgan Stanley (MS) has promoted an executive from its wealth management unit to become head of firm-wide artificial intelligence (A.I.).
Jeff McMillan, a long-time employee at the bank, will guide the implementation of A.I. across the Wall Street firm.
Last year, Morgan Stanley became the first major Wall Street bank to create a product for employees based on OpenAI’s GPT-4 chatbot.
The latest move by Morgan Stanley shows the growing interest and importance of A.I. in the U.S. financial services industry.
Over the past year, Wall Street firms have competed to fill thousands of A.I. jobs, poaching employees from one another in the process.
Last summer, JPMorgan Chase (JPM) named Teresa Heitsenrether its executive in charge of A.I. adoption. And Goldman Sachs’ (GS) Chief Information Officer (C.I.O) Marco Argenti has been put in charge of A.I. at that investment bank.
Morgan Stanley’s stock is down 5% year to date and trading at $89.10 U.S. per share.
