Marcopi Store is the head of JP Morgan’s applied research and engineering for global technology.
Source: JP Morgan
jpmorgan chain Overhauled the leadership of internal research groups responsible for quantum computing and other forms of advanced technology; State Street Executive, CNBC learned.
Marco Pisto, a former IBM inventor who became head of JPMorgan’s applied research group in 2020, has left the bank.
The group conducted research into how new technologies such as quantum computing and communications, blockchain, computer vision and networking can solve financial problems.
Jpmorgan has hired Rob Otter, the global head of digital technology and quantum computing at State Street, replacing Pistoia, according to an employee’s memo sent Monday.
Before joining State Street in 2022, Otter was head of the onyx blockchain business at JPMorgan and worked in the technology role. BarclaysCredit Switzerland and Goldman Sachs.
Rob Otter is a former executive at State Street Technology, which is becoming the new head of JPMorgan Chase’s GT Applied Research (GTAR) team.
Courtesy: JPMorgan Chase Co.
Quantum computing has the potential to make greater advances than traditional computing, and it is expected that there will be applications in finance, pharmaceutical development and materials science, among other areas. Technological leading companies including alphabet and IBM I’m racing to create reliable quantum computers in commercial applications, Rigetti Computing and D-Wave We’ve seen their stocks surge over their enthusiasm in the early sector.
Charles Lim, one of Pisto’s representatives, who was the global head of quantum communication and encryption at the bank, has also left, according to people familiar with the change.
JPMorgan was promoting Pisto and LIM certifications while the company was building its research group. According to a 2023 biography, Pistore had at least 270 patents and was appointed Master Invento by IBM. This is a title given to researchers who regularly create valuable patents.
Pisto did not immediately reply to a message seeking comment. The rim could not be reached.
