JP Morgan hired Apoorv Saxena, Google’s head of product management for cloud-based artificial intelligence, according to a memo exclusively obtained by CNBC. Saxena will be on board effective August 31 as head of artificial intelligence and machine-learning services. In addition he will also spearhead the asset and wealth management with artificial intelligence technology
Previously, in May, the bank hired Manuela Veloso, head of the machine-learning department at Carnegie Mellon University. According to the memo sent at the time, this was in an effort to spot opportunities that “could potentially transform financial services.” Nearly one-third of the bank’s top officials are experts from other industries.
Fintech firms and global tech giants are luring clients using top-notch technologies such as artificial intelligence. Therefore, banks are constantly looking to hire managers outside the finance sector, mostly in technologies including machine learning and blockchain.