Image source: WSJ
As a race on Wall Street to deploy Artificial Intelligence (AI) ramps, JP Morgan Chase and Company has shown how serious its next-gen technology initiative with another big hire this week. According to a report, the company has hired Apoorv Saxena, Earlier Head of product management for cloud-based AI at Alphabet Inc.

JP Morgan has a technical budget of  11 billion $ for 2018, in which 5 billion $ are for new investments. Due to the heavy demand for AI expertise among technical veterans, industrial leaders, and financial institution, the payments can reach millions of dollars for these positions. Nearly one-third of the JP Morgan's past senior employees came from outside the finance industry.

Just a few weeks earlier JP Morgan has launched a free trading platform called "U Investment" to attract customers and take advantage of the 50 million customers who already use its mobile and online banking solutions. 

In a letter to shareholders in April,  Daniel Pinto, JP Morgan's co-chairman and head of corporate and investment bank wrote,"We are always looking for best way to present our customers in a faster, better and simpler way". The banks which do not invest will lose the land and will have a log hard hold process. 

He said that "the speed of technical progress will only increase in the next decade, due to new development in AI, robotics, machine learning, distributed ledgers and big data-technology which will shape our future".

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