JPMorgan Chase creates artificial intelligence role

JPMorgan Chase said Thursday it has named the head of machine learning at Carnegie Mellon University for the freshly minted role of head of artificial-intelligence research, The Wall Street Journal reported.

Manuela Veloso, who is also a professor at the university, will build on the bank’s existing work applying machine learning technology, according to an internal memo reviewed by the Journal.

JPMorgan’s budget for technology will be about $10.8 billion in 2018.

“Providing easy-to-use technology in order to deliver a great client experience will continue to be a major differentiator,” JPMorgan Co-President and Co-Chief Operating Officer Daniel Pinto wrote in his April shareholder letter.

In 2017, JPMorgan used an AI program known internally as LOXM to execute trades across its global equities algorithms business, the Journal reported.