Morgan Stanley has joined other banks in appointing an executive to lead the bank’s overall artificial intelligence efforts and strategy.
The Modern York-based bank has promoted Jeff McMillan as the fresh head of company-wide artificial intelligence– CNBC reported.
Morgan Stanley co-CEOs Andy Saperstein and Dan Simkowitz notified employees of the appointment in a memo on Thursday.
“In his fresh role, Jeff will coordinate activities across the company to ensure proper AI strategy and governance,” reads the memo obtained by Quartz.
The news comes as other banks have already appointed executives to lead artificial intelligence initiatives.
In June, JPMorgan Chase named Teresa Heitsenrether as chief data and analytics officer. Heitsenrether was appointed as part of the nomination responsible for the implementation of artificial intelligence in the bank. Marco Argenti, CIO of Goldman Sachs he spoke openly about the bank’s AI projects.
AI: the future of the financial sector
According to S&P Global, banking is one of the largest users and publishers of artificial intelligence. In 2023, banking is included 13% of the $166 billion spent globally on AI. Banking, financial services and insurance accounted for approximately 18% of the machine learning market in 2022.
Here are some examples of how banks utilize artificial intelligence:
