In his new role, McMillan will coordinate across the firm to ensure the appropriate AI strategy and governance is in place. He will also identify and prioritize AI opportunities, position the firm within the AI development industry, and ensure that Morgan Stanley continues to be a respected innovator in AI. This move highlights the growing importance of AI in financial services, as Wall Street firms compete to fill thousands of AI positions.
Key takeaways:
- Morgan Stanley has promoted Jeff McMillan, a tech executive in its wealth management division, to become the bank's first head of firm-wide artificial intelligence.
- McMillan's new role will involve guiding the implementation of AI across the firm and ensuring the appropriate AI strategy and governance are in place.
- Last year, Morgan Stanley became the first major Wall Street firm to create a solution for employees based on OpenAI's GPT-4, a project overseen by McMillan.
- The move reflects the increasing importance of artificial intelligence in financial services, with many Wall Street firms competing to fill AI positions.