CNBC reports Thursday that Morgan Stanley has appointed Jeff McMillan, previously in the wealth management division, as the firm’s inaugural head of artificial intelligence (AI), a memo from co-presidents Andy Saperstein and Dan Simkowitz revealed.
McMillan, who played a key role in developing an OpenAI’s GPT-4-based employee solution last year, will steer the firm’s AI strategy firm-wide.
This appointment underscores the growing significance of AI in the financial sector, especially with the advent of generative AI technologies. Amidst a broader trend of job cuts in Wall Street, the competition for AI talent has intensified, with firms like JPMorgan and Goldman Sachs also making strategic appointments to bolster their AI capabilities.
