JPMorgan hires top AI researcher from Carnegie Mellon University
Wall Street’s largest bank has hired one of Carnegie Mellon University’s top researchers in artificial intelligence.
Manuela Veloso, who leads CMU’s Machine Learning Department, will head artificial intelligence research at JPMorgan.
Veloso will take a leave of absence from CMU starting July 1 to work in a newly created position at the bank.
JPMorgan already has teams built to explore and implement artificial intelligence and machine learning , according to the Wall Street Journal. The bank used an AI program known as LOXM in 2017 to execute trades more efficiently. The program learns from billions of past trades.
JPMorgan told employees about hiring Veloso in an internal memo sent Thursday.
Veloso will look to expand JPMorgan’s use of AI in ways that could transform financial services, according to a statement from CMU. The bank could collaborate with universities and other research institutions.
Banks and financial institutions have taken a serious look at using artificial intelligence to improve efficiency, enhance the customer experience, speed up loan approvals, crack down on fraud and make smarter trades and other financial decisions. JPMorgan has a tech budget of $10.8 billion for 2018 and $5 billion set aside for new investments, according to CNN.
Veloso earned her Ph.D. from CMU and became a professor in the Computer Science Department in 1992. She led CMU’s robot soccer team and showed that robots and humans could work together with her CoBot project.
Aaron Aupperlee is a Tribune-Review staff writer. Reach him at [email protected], 412-336-8448 or via Twitter @tinynotebook.