JPMorgan Taps Carnegie Mellon Professor for New Artificial Intelligence Role

By Emily Glazer

JPMorgan Chase & Co. is investing further in artificial intelligence.

The largest U.S. bank by assets said Thursday that Carnegie Mellon University's head of machine learning will join JPMorgan in a new role, head of artificial-intelligence research.

In the position, Manuela Veloso, who is also a professor at Carnegie Mellon, will build on the bank's existing work applying machine learning technology, according to an internal memo reviewed by The Wall Street Journal.

JPMorgan's spending on technology totaled about $10.8 billion in 2017.

"Providing easy-to-use technology in order to deliver a great client experience will continue to be a major differentiator," JPMorgan Co-President and Co-Chief Operating Officer Daniel Pinto wrote in his April shareholder letter.

Mr. Pinto, also head of the corporate and investment bank unit, added that JPMorgan has assembled teams in artificial intelligence, blockchain technology, big data, machine learning and bots.

In 2017, JPMorgan used an AI program known internally as LOXM to execute trades across its global equities algorithms business. The AI technology executed client orders by using information learned from billions of past trades. A trial in Europe in the first quarter of 2017 found it was more efficient than the traditional methods of buying and selling; it expanded to the U.S. and Asia later last year.

Ms. Veloso, who will join the bank in July, will partner with JPMorgan's data analytics team and quantitative research teams, as well as partnerships with universities and research institutions.

Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

May 03, 2018 15:14 ET (19:14 GMT)

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