JPMorgan Chase & Co. (NYSE:JPM) has revamped the leadership of its internal research group, responsible for quantum computing and other advanced technologies. The bank has appointed a former State Street Corp. (NYSE:STT) executive to lead the team.
What Happened: Marco Pistoia, the former head of JPMorgan’s applied research group, has left the bank, as per a CNBC report on Monday.
Pistoia, a former International Business Machines Corp. (NYSE:IBM) inventor, was instrumental in the group’s research into emerging technologies such as quantum computing, blockchain, and computer vision, among others.
The bank has replaced Pistoia with Rob Otter, the global head of digital technology and quantum computing at State Street. Otter, who previously led JPMorgan’s Onyx blockchain business, has a wealth of experience in the technology sector, having held roles at Barclays PLC (NYSE:BCS), Credit Suisse, and Goldman Sachs Group Inc. (NYSE:GS).
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Charles Lim, another key figure in the research group as the bank’s global head for quantum communications and cryptography, has also left JPMorgan.
Why It Matters: Quantum computing is a rapidly evolving field with potential applications in various industries, including finance, drug development, and materials science.
The technology is expected to revolutionize the way complex problems are solved, with industry leaders like Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and IBM racing to develop commercial quantum computers.
Earlier this year, Microsoft Corp. (NASDAQ:MSFT) also made a significant move in the quantum computing space, unveiling its Majorana 1 quantum chip. The company’s CEO, Satya Nadella, has highlighted the potential of quantum computing as the next game-changer in scientific breakthroughs.
In June 2025, Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang reversed his earlier skepticism on quantum computing, now saying the technology is nearing a breakthrough and will soon tackle real-world problems beyond the reach of traditional computers.
Huang called quantum computing an “inflection point” and revealed that Nvidia is releasing a quantum algorithm stack for its advanced Grace Blackwell 200 chip. His optimism sparked a rally in quantum stocks, marking a sharp contrast to his January comments, when he predicted practical quantum applications were still decades away.
Price Action: JPMorgan Chase shares were up 0.17% at $291.47 in Tuesday's pre-market trading, according to Benzinga Pro data.
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