Finance

JP Morgan Chase poaches an IBM 'Master Inventor' with 26 patents for quantum computing

Key Points
  • J.P. Morgan Chase has hired a veteran IBM researcher to lead a new group working on emerging technologies including quantum computing.
  • Marco 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.
  • He will be lead researcher for the bank's Future Lab for Applied Research & Engineering, a team created late last year to help it develop financial uses for advanced technologies like quantum computing, edge computing, 5G wireless and the internet of things.
Marco Pistoia, Global Technology's Head of Applied Research and Engineering at JP Morgan.
Source: JP Morgan

J.P. Morgan Chase has hired a veteran IBM researcher to lead a new group working on emerging technologies including quantum computing.

Marco 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, according to a memo sent to employees Tuesday and obtained by CNBC. 

He will be lead researcher for the bank's Future Lab for Applied Research & Engineering, a team created late last year to help it develop financial uses for advanced technologies like quantum computing, edge computing, 5G wireless and the internet of things.

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.

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