Wall Street is accelerating its embrace of AI, as Morgan Stanley appoints its first Chief AI Officer.

As the AI trend sweeps through Wall Street, Morgan Stanley has welcomed its first Chief AI Officer.

According to CNBC, Morgan Stanley recently promoted Jeff McMillan, the head of technology for its wealth management division, appointing him as the group's first Chief AI Officer. This personnel appointment was confirmed in a memo issued on Thursday by Morgan Stanley's Co-Presidents Andy Saperstein and Dan Simkowitz.

Over the past year, Morgan Stanley has utilized OpenAI's GPT-4 technology to create unprecedented solutions for its employees, a project personally supervised by McMillan.

This move signifies the increasing importance of artificial intelligence in the financial services sector, especially against the backdrop of the rapid rise of generative AI technology.

As Morgan Stanley appoints its first Chief AI Officer, other Wall Street giants are not willing to fall behind.

In June, JPMorgan Chase announced the appointment of Teresa Heitsenrether as its Chief Data and Analytics Officer, focusing on driving internal applications of AI technology. At the same time, Goldman Sachs' Chief Information Officer Marco Argenti is also recognized as a leading figure in promoting AI technology within the company.

It is worth mentioning that despite the widespread layoffs in major Wall Street banks last year, there is still a huge demand for AI talent. Therefore, they are rushing to fill thousands of AI positions, competing to poach top talents from each other.