Morgan Stanley Appoints Head of Artificial Intelligence as Wall Street Embraces AI

Morgan Stanley, one of the biggest names on Wall Street, has recently appointed its first head of firm-wide artificial intelligence (AI). This move reflects the increasing importance of AI in the financial services industry and highlights the bank’s commitment to staying at the forefront of technological advancements.

Jeff McMillan, a tech executive with extensive experience at Morgan Stanley, has been promoted to this new role. He previously led Wealth Management’s Analytics, Data, and Innovation organization, where he played a crucial role in driving the bank’s technological evolution. Last year, Morgan Stanley became the first major Wall Street firm to develop a solution for employees based on OpenAI’s GPT-4, a project overseen by McMillan.

The rise of generative AI tools, which create human-like responses to queries, has fueled the growing importance of AI in the financial services sector. While many Wall Street firms reduced their workforce last year, they actively competed to fill thousands of AI positions, often poaching employees from one another. JPMorgan appointed Teresa Heitsenrether as its chief data and analytics officer in charge of AI adoption, while Goldman Sachs has Chief Information Officer Marco Argenti leading the charge as the company’s AI advocate.

In his new role as Head of Firmwide Artificial Intelligence, McMillan will coordinate efforts across the firm to ensure a cohesive AI strategy and governance are in place. He will work closely with business units and infrastructure areas to identify and prioritize AI opportunities. Moreover, McMillan will help position Morgan Stanley as a respected innovator in AI and ensure the bank stays ahead of industry developments.

To execute on its AI strategy, Morgan Stanley has created a Firmwide AI Steering Group, co-chaired by Katy Huberty (Head of Global Equity Research) and Jeff McMillan. This group comprises representatives from various business units and infrastructure areas, ensuring that AI initiatives are aligned with the bank’s overall objectives.

Morgan Stanley’s appointment of a head of artificial intelligence underscores the growing embrace of AI on Wall Street. As financial institutions recognize the potential benefits of leveraging AI technology, they are actively seeking to incorporate it into their operations. With McMillan at the helm, Morgan Stanley aims to maintain its position as an industry leader in AI innovation.

Congratulations to Jeff McMillan on his new role, and we look forward to seeing how Morgan Stanley continues to harness the power of artificial intelligence to drive its success in the financial services landscape.