JPMorgan Chase Overhauls Quantum Research Team, Hires State Street Executive

New York: JPMorgan Chase has reshuffled the leadership of its internal quantum research group, bringing in a seasoned State Street executive to lead the unit, CNBC has learned.

Marco Pistoia, the former IBM “Master Inventor” who led JPMorgan’s Applied Research group since 2020, has left the firm, according to a person familiar with the matter. He will be replaced by Rob Otter, State Street’s global head of digital technology and quantum computing, per an internal memo sent Monday.

Otter previously led JPMorgan’s Onyx blockchain business and held senior tech roles at Barclays, Credit Suisse, and Goldman Sachs.

The bank’s Applied Research group explores the use of quantum computing, blockchain, computer vision, and advanced networking to solve financial challenges. The shake-up comes as Wall Street banks continue investing in next-gen technologies amid rising interest from both tech giants and emerging quantum players.

Alongside Pistoia, another key figure, Charles Lim, the bank’s global head for quantum communications and cryptography, has also departed.

JPMorgan had previously highlighted both Pistoia and Lim as central to its innovation strategy, with Pistoia credited with over 270 patents during his tenure.

Quantum computing is viewed as a long-term disruptor in fields like finance, pharma, and materials science. Companies including IBM, Alphabet, and newer firms like Rigetti and D-Wave are all racing to commercialize the technology.