(CNBC) J.P. Morgan Chase has hired Marco Pistoia, a veteran IBM researcher to lead a new group working on emerging technologies including quantum computing. Pistoia, who spent 24 years at IBM and managed a team responsible for quantum computing algorithms, is joining New York-based J.P. Morgan as head of applied research and engineering.
J.P. Morgan’s latest high-profile hire shows that the bank is willing to make bets on advanced forms of technology without immediate applications in finance. In 2018, the bank hired a noted figure in artificial intelligence research from Carnegie Mellon University, Manuela Veloso, to head its AI research department. J.P. Morgan has an annual tech budget of more than $11 billion.
At IBM, Pistoia had the title of Master Inventor, a designation given to a handful of researchers who regularly produce valuable patents. He has been granted 197 patents and holds hundreds more patent-pending applications, including 26 in quantum computing, which uses quantum physics to tackle problems that would take years for existing computers to solve.
J.P. Morgan Chase’s Hire of IBM’s ‘Master Inventor’ Pistoia Shows Bank Making Bets on Advanced Technologies Like Quantum Computing
