Morgan Stanley names a head of artificial intelligence as Wall Street leans into AI

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The Morgan Stanley digital sign is seen at the company's Times Square headquarters in New York, U.S., on Friday, Jan. 12, 2016. Morgan Stanley promoted a tech executive in its wealth management division to become the bank's first head of firm-wide artificial intelligence, CNBC has learned. The bank is elevating Jeff McMillan, a veteran of the New York-based bank, to help guide its implementation of AI across the firm, according to a memo sent Thursday from co-presidents Andy Saperstein and Dan Simkowitz. 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 shows the rising importance of artificial intelligence in financial services, sparked by the meteoric rise of generative AI tools that create human-like responses to queries. While Wall Street firms broadly pared back jobs last year, they competed to fill thousands of AI positions, poaching employees from one another. In June, JPMorgan named Teresa Heitsenrether its chief data and analytics officer in charge of AI adoption. At Goldman Sachs , Chief Information Officer Marco Argenti is seen as the lead AI advocate. Read the full Morgan Stanley memo announcing McMillan's new role: