JPMorgan’s new AI team is more SAS then SaaS. The bank is developing an ‘AI Accelerator,’ tasked with developing “the most impactful and high-priority AI programs” in its investment bank. It’s doing so in an unusual way.

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In an open listing for the head of this AI Accelerator in London, JPMorgan said the team will participate in multiple “special program[s]”. The team will deploy themselves into various different teams in JPMorgan’s commercial and investment bank (CIB), working with subject-matter experts and departmental tech teams to develop AI solutions. CIB chief analytics officer, Daniele Magazzeni, whom the AI Accelerator head will report to, said the team will work across “markets, sales, banking, payments [and] securities services.”

The job listing states that the tools the team develops should deliver a “measurable commercial impact.” The in-vogue method of measuring that right now is in working hours saved; a recent Morgan Stanley coding tool saved the equivalent to 280,000 hours of work.  

The profile wanted within the Accelerator seems similar to the quantitative strategists popular at Goldman Sachs, who are expected to be technically adept but also commercially savvy. However, strats are focused more on prototyping tools for a quick turnaround to be later refined by tech teams, and they usually work under a narrower remit.

Magazzeni said the accelerator head will be tasked with hiring a diverse team. The role is also available in New York, implying the team might be split across there and London. New York salaries are public; the role there pays up to $325k.

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