JPMorgan Chase (JPM, Financial) has restructured the leadership of its team dedicated to advanced technology research, including quantum computing. The company has hired Rob Otte, a former executive from State Street Bank, to lead this initiative. Otte, who joined State Street in 2022, previously held roles at JPMorgan, Barclays, Credit Suisse, and Goldman Sachs.
The restructuring follows the departure of Marco Pistoia, who led JPMorgan’s applied research division since 2020. The team focuses on exploring how emerging technologies like quantum computing, blockchain, computer vision, and networking can address challenges in the financial sector.
Quantum computing is anticipated to revolutionize traditional computing, with potential applications in finance, drug development, and material science. Companies like Alphabet and IBM are racing to develop commercially viable quantum computers. Publicly traded quantum technology companies, such as Rigetti Computing and D-Wave, have seen their stock prices surge due to growing interest in the field.
Charles Lim, JPMorgan’s global head of quantum communications and cryptography, has also left the company. Pistoia and Lim were instrumental in promoting JPMorgan’s research capabilities.