According to a CNBC report, Morgan Stanley, a global financial services firm, has promoted a tech executive in its wealth management division to become the bank’s first head of firm-wide Artificial Intelligence. The firm is promoting Jeff McMillan, a veteran of a New York-based Bank, to aid in implementing AI across its functions, per the memo sent Thursday from co-presidents Andy Saperstein and Dan Simkowitz. In 2023, Morgan Stanley became the first largest Wall Street firm to develop solutions for employees based on OpenAI’s GPT -4, a project managed by MacMillan. This move reveals the significance of artificial intelligence in financial services, boosted by the meteoric rise of generative AI tools that create human-like responses to queries.
Last year, Wall Street firms cut off jobs as they competed to fill thousands of AI positions, chasing employees from one another. Let’s read out the Morgan Stanley memo announcement of McMillian’s new position below:
We are happy to announce that Jeff McMillan has assumed a new role as Head of Firmwide Artificial Intelligence, co-reporting to us. Previously, Jeff led Wealth Management’s Analytics, Data, and Innovation organization, where he played a crucial role in taking the Company’s technological evolution from our Modern Wealth Management platform to our groundbreaking work with our exclusive partner, OpenAI.
In his new role, Jeff will ensure the appropriate AI strategy and governance are in place. He will collaborate with the business units and infrastructure areas to identify and prioritize AI opportunities, help position the Firm within the flow of AI development across the industry, and ensure that Morgan Stanley continues to be a well-respected innovator in AI.
Jeff would closely work with Mike Pizzi, Head of U.S. Banks and Technology, Sid Visentini, Head of Firm Strategy, and Katy Huberty, Head of Global Research, to execute our AI strategy. Katy and Jeff will co-chair the Firmwide AI Steering Group, consisting of business unit and infrastructure representatives. With this new role and position, Jeff McMillan would surely lead the company and take it to great heights.
