Insider Brief
- CNBC is reporting that JPMorgan Chase has overhauled the leadership of its internal research group responsible for advanced tech, including quantum computing.
- JPMorgan has hired Rob Otter, who is State Street’s global head of digital technology and quantum computing.
- JPMorgan is regarded as an early mover in the quantum space, working with academic and industry partners on algorithms and applications tailored to finance.
JPMorgan Chase has replaced the head of its advanced research team focused on quantum computing and other emerging technologies, CNBC is reporting.
This move may signal a reinvigoration in the bank’s internal strategy for next-generation innovation.
The banking giant has hired Rob Otter, a former State Street executive, to lead its Global Technology Applied Research (GTAR) group, according to an internal memo reviewed by CNBC. Otter will take over from Marco Pistoia, a veteran IBM technologist who had led the group since 2020 and recently departed the firm, according to CNBC, citing a person familiar with the matter.
The transition marks a high-profile change at one of the few major financial institutions with a dedicated in-house research function for emerging technologies such as quantum computing, blockchain, networking and computer vision. JPMorgan’s GTAR group was established to explore how frontier technologies could address longstanding computational and security challenges in banking, payments, risk management, and communications.
Otter brings experience from both Wall Street and enterprise tech. At State Street, he led global digital and quantum technology efforts, CNBC reports. Prior to that, he had already spent time at JPMorgan heading Onyx, the firm’s blockchain-focused business unit. His broader background includes senior technology roles at Barclays, Credit Suisse, and Goldman Sachs.
Quantum Investments, Research Partnerships
Companies, particularly in the data-laden industry of finance, are interested in quantum computing, particularly, because of its potential to perform complex calculations beyond the capabilities of classical computers. Quantum computing relies on principles of quantum mechanics, such as superposition and entanglement, to manipulate quantum bits (qubits), which can represent multiple probabilistic states simultaneously. Financial institutions specifically see promise in quantum’s ability to optimize portfolios, simulate market behavior and crack encryption. Beyond computing, quantum science could also help develop quantum-secure communication methods.
According to The Quantum Insider’s Intelligence Platform, JPMorgan Chase has been a prominent leader in the financial sector for years and is a pioneer in the exploration of the use of and investment in quantum technology. It has made strategic investments and partnerships to position itself to benefit from quantum computing developments.
For example, the company is an investor in Quantinuum, having anchored a $300 million equity funding round in January 2024. Collaborations with major entities like IBM and Quantinuum have also enabled JPMorgan Chase to explore the application of quantum optimization algorithms and quantum-safe cryptography, critical for the future of secure financial transactions. Beyond investing in the space, JPMorgan Chase’s broader involvement with quantum includes collaborative research initiatives places it as a leading innovator in quantum computing. In one example, a collaborative team of researchers — that included scientists from JPMorganChase, Quantinuum, multiple national labs, and UT Austin — demonstrated a certified randomness protocol using a quantum computer, a significant advance for real-world quantum applications.
Pistoia, a former IBM Master Inventor credited with more than 270 patents, was one of the most visible figures in banking’s push into quantum research, according to CNBC. He joined the bank in 2020 and played a key role in expanding the firm’s credibility and talent bench in this domain.
His departure is not the only high-level change. Charles Lim, who served as JPMorgan’s global head of quantum communications and cryptography, has also left the bank, the same source told CNBC. Lim had worked under Pistoia and focused on securing communications infrastructure against the future threat of quantum decryption.
