American multinational investment banking giant Morgan Stanley has appointed a head of artificial intelligence (AI).
Jeff McMillan selected to lead AI unit
One of Morgan Stanley's technology executives, specifically Jeff McMillan from its wealth management team, has been promoted to head of the firm's AI division. Notably, the New York-based bank made this move as part of its plan to implement his AI in sync across its business. A blossoming growth strategy.
Morgan Stanley announced in a memo sent by co-presidents Andy Saperstein and Dan Simkowitz that “Jeff McMillan has been appointed as the company's new co-reporter as head of firmwide artificial intelligence. I am pleased to announce that I have been appointed to this position.”
Mr. McMillan previously led Wealth Management's analytics, data and innovation organization. As director, he played a major role in driving the institution's technological evolution “from its modern wealth management platform to recent groundbreaking work with exclusive partner OpenAI.”
The responsibilities of Morgan Stanley's new head of AI will include coordinating company-wide to ensure the company has the right AI governance and strategy. McMillan will continue to work with the company's business units to identify and prioritize AI-driven opportunities. Ultimately, Morgan Stanley's intention is to continue to push the frontiers of AI and other innovative technologies.
Morgan Stanley increases AI presence
Morgan Stanley is one of the few Wall Street firms to take an open stance toward AI. In 2023, OpenAI created a solution for its employees based on GPT-4, becoming the first major Wall Street firm to offer such an innovative tool. It is noteworthy that this project was directed by Macmillan at the time.
Morgan Stanley's move into AI suggests that Wall Street may be getting on board with the idea that AI and its tools are here to stay. Many other jurisdictions and organizations, including top financial services providers, game developers, and tech companies, are also becoming more receptive to AI in conversations about the prospects for generative technologies.
One of the pioneers is Cognition Labs, a startup that just released its first service. AI Software Engineer aka Devin. This AI model also has the ability to perform autonomous coding and fine-tune the AI model. google genie also started as a new revolution in the world of game design.
