Morgan Stanley installs AI chief
Chief of Analytics and Data Jack McMillan took on the new role March 14
Morgan Stanley, acknowledging the growing importance of AI in the financial services industry, has named Chief Analytics and Data Officer Jeff McMillan to the newly created position of head of companywide AI.
McMillan is responsible for identifying and prioritizing AI implementation across business units and infrastructure throughout Morgan Stanley, he told Bank Automation News.
“Morgan Stanley created this role to ensure the appropriate AI strategy and governance are in place,” he said.
In his past position, McMillan had a front-row seat in identifying the practical application of generative AI through an established partnership between Morgan Stanley Wealth Management and OpenAI, he said.
“One thing that was a clear takeaway from that experience is that to make these capabilities effective in scale requires broad-based collaboration and coordination,” he said.
That was when the institution identified the need for the new role, he added.
McMillan said his goal is “to position Morgan Stanley within the flow of AI development across the industry and ensuring that Morgan Stanley continues to be a well-respected innovator in AI.”
McMillan took on the new role on March 14, according to his LinkedIn post.
Morgan Stanley is just the latest financial institution to create a post for companywide AI chief. The $475 billion Capital One appointed Prem Natrajan in 2023 as its chief scientist and head of enterprise AI to lead the bank’s AI development and deployment efforts.
Natrajan joined Cap One Amazon’s Alexa organization, where he was tasked with developing AI and machine learning for Alexa, according to the bank’s May 2023 release.
Similarly, $3 trillion HSBC is also beefing up its AI executive team and posted three new openings in February, according to LinkedIn:
- Group head of AI execution;
- Group head of AI research and development; and
- AI product head.
And $60 billion Valley Bank created a new position of chief data and analytics officer and hired Sanjay Sidhwani in August 2023 to lead the bank’s AI efforts.
