Leading entities across various industries have been stepping up their efforts to expedite their AI adoption processes and projects.
While some have been acquiring artificial intelligence-based startups others like JP Morgan Chase have opted to take the route of recruiting AI experts from other companies.
Recently, a memo acquired exclusively by CNBC revealed that Google ’s head of product management for cloud-based AI, Apoorv Saxena would be joining the banking institution on August 31, 2018, as its new head of AI and machine learning services.
According to details from, Apoorv Saxena will also be tasked with the responsibility of heading JPMorgan ’s asset and wealth management artificial intelligence (AI) technology.
The latest hire by the banking institution marks its second high-profile artificial intelligence hire in the past few months.
Back in May this year, JPMorgan Chase named Manuela Veloso, the previous head of Carnegie Mellon University ’s machine learning department as its head of the artificial intelligence(AI) research.
Sanoke Viswanathan, JPMorgan’s chief administrative officer of corporate and investment bank, said that Manuela Veloso, in her new capacity, will create an artificial intelligence (AI) research capability at the bank.
By doing so, she will help in building and cementing their reputation as the leading technology bank on Wall Street.
As entities in various markets race to develop the next generation of artificial intelligence (AI)-driven services, a small group comprising of proven AI specialists have become well-sought after in the market.
Some of these experts are even offered millions in salaries to take up the jobs.
What ’s more, banks appear to be going outside of the finance space to recruit managers in technologies, specifically from blockchain to machine learning, in a move to avert fintech firms and technology companies from stealing their customers.
Furthermore, JPMorgan Chase also disclosed that about one-third of its most recent senior-level hires stem from outside the finance space, with Manuela Veloso being one of the examples.
The recruitment drive comes as some of the biggest players on Wall Street race to deploy artificial intelligence (AI), which could eventually come in handy mainly in executing services like loan approval and fraud detection.
The technology can also aid in making a firm ’s internal operations more efficient.
In fact, JPMorgan already boasts a whopping $10.8 billion technology budget set for the year, with about $5 billion allocated for new investments.
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In a letter to shareholders, JPMorgan ’s co-president and head of corporate and investment bank Daniel Pinto said that the bank is always looking for new ways to provide customers with simpler, better and faster ways of conducting business with them.
Banking institutions that will not invest are expected to lose ground as well as have a difficult time playing catchup. Pinto emphasized that hiring AI talent is one of the investment efforts.
Last week, JPMorgan revealed that it would venture into free online stock trading with a move to create deeper relationships with its 47 million customers at the bank who utilize online banking services.
This endeavor places the bank in a strategic position to compete with startups such as Robinhood and discount brokerages like E*Trade and Charles Schwab.