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Morgan Stanley, an investment bank and financial services firm based in Manhattan, New York City, announced it has promoted Jeff McMillan to become the new head of its artificial intelligence unit. This came as the company started to gravitate towards the AI business.
As per Coingape, Morgan Stanley is planning to broaden its grasp of AI technology, which is one reason for assigning a new head to lead this division. McMillan has been working as a tech executive at the company and is mainly involved in the bank’s wealth management team.
McMillan’s Work Transition at Morgan Stanley
The new head of Morgan Stanley’s AI division led the firm’s Wealth Management analytics, data, and innovation group. In this position, he played a significant role in stirring the bank’s technological development “from the Modern Wealth Management platform to most recently our groundbreaking work with our exclusive partner, OpenAI.”
As he moves to the AI unit, McMillan’s responsibilities will include maintaining coordination within the company to ensure it is equipped with the proper and suitable AI governance and strategies. As the head of the team, he is also required to cooperate with Morgan Stanley’s business unit to pinpoint and designate related AI-driven opportunities. He is also expected to guide the company in implementing artificial intelligence.
Rise of AI in the Financial Services Industry
In 2023, Morgan Stanley was the first major company on Wall Street to develop a solution for staff based on OpenAI’s GPT-4. CNBC reported that this event illustrates the growing importance of AI in financial services and was triggered by the rapid rise of generative artificial intelligence tools that generate human-like responses to queries.
Meanwhile, Morgan Stanley said it is delighted to appoint Jeff McMillan to a new position as Head of Firmwide Artificial Intelligence. “To execute our AI strategy, Jeff will work closely with Mike Pizzi, Head of U.S. Banks and Technology, Sid Visentini, Head of Firm Strategy, and Katy Huberty, Head of Global Research. Katy and Jeff will co-chair the Firmwide AI Steering Group, comprised of business unit and infrastructure representatives,” the company said.
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