The bank hired Apoorv Saxena, Google‘s head of product management for cloud-based artificial intelligence, according to a memo obtained exclusively by CNBC. Saxena will be joining the firm on Aug. 31 as head of artificial intelligence and machine-learning services. He will also be head of asset and wealth management artificial intelligence technology. He will be based in Palo Alto, California.
In a push to prevent fintech firms and established tech giants from luring their customers, banks are increasingly looking outside finance for managers in technologies from machine learning to blockchain. About one-third of J.P. Morgan’s recent senior hires are from outside the industry, according to the lender.
In May, the bank hired Manuela Veloso, head of the machine-learning department at Carnegie Mellon University, to help identify opportunities that “could potentially transform financial services,” according to a memo sent at the time.
As a result of the advent of artificial intelligence and related technologies, the next few years are likely to feature more innovation and upheaval than previous eras.