New York – JPMorgan Chase has restructured the leadership of its internal quantum research division, appointing a veteran State Street executive to lead the team, according to information obtained by CNBC.
Marco Pistoia, who led JPMorgan’s Applied Research group starting in 2020 and was formerly recognized as an IBM “Master Inventor,” has left the company, according to someone with knowledge of the situation. Rob Otter, previously State Street’s global head of digital technology and quantum computing, will succeed him, as stated in an internal memo circulated on Monday.
Otter previously led JPMorgan’s Onyx blockchain initiative and held senior technology roles at Barclays, Credit Suisse, and Goldman Sachs.
JPMorgan’s Applied Research group investigates the application of quantum computing, blockchain, computer vision, and advanced networking to address financial sector challenges. The leadership change reflects Wall Street’s growing investment in next-generation technologies amid heightened interest from both major tech companies and emerging quantum startups.
In addition to Pistoia, another prominent figure, Charles Lim, who served as the bank’s global head of quantum communications and cryptography, has also departed.
JPMorgan had previously showcased both Pistoia and Lim as key components of its innovation strategy, with Pistoia having been credited with more than 270 patents during his time at the firm.
Quantum computing is considered a transformative force for industries such as finance, pharmaceuticals, and materials science. Companies like IBM, Alphabet, and quantum computing startups including Rigetti and D-Wave are in a race to bring the technology to commercial viability.
