Morgan Stanley has named Jeff McMillan as its first Head of Firmwide Artificial Intelligence. McMillan, previously head of Wealth Management’s Analytics, Data, and Innovation, will coordinate the bank’s AI strategy across business units. Â
The appointment highlights AI’s rising importance in financial services. Last year, Morgan Stanley launched an employee tool powered by OpenAI’s GPT-4 model under McMillan’s oversight, marking a Wall Street first.
In his new role, McMillan will partner with divisions to identify and prioritize AI opportunities. He will ensure proper governance is in place as the firm advances its AI capabilities. Collaborating with key leaders like Mike Pizzi, Sid Visentini, and Katy Huberty, he will co-chair Morgan Stanley’s Firmwide AI Steering Group.
The move comes as major banks compete to fill AI roles and drive adoption amidst a boom in generative AI technologies. JPMorgan recently appointed Teresa Heitsenrether as Chief Data and Analytics Officer overseeing AI, while Marco Argenti is Goldman Sachs’ senior AI advocate.
With McMillan’s expertise in AI strategy firmwide, Morgan Stanley aims to solidify its position at the forefront of financial services innovation.
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