J.P. Morgan Chase has hired Marco Pistoia, a veteran IBM researcher, to lead a new group working on emerging technologies including quantum computing.
Pistoia, who spent 24 years at IBM and managed a team responsible for quantum computing algorithms, is joining New York-based J.P. Morgan as Head of Applied Research and Engineering.
He will be lead researcher for the bank’s Future Lab for Applied Research & Engineering, a team created late last year to help it develop financial uses for advanced technologies like quantum computing, edge computing, 5G wireless and the internet of things.
At IBM, Pistoia had the title of Master Inventor, a designation given to a handful of researchers who regularly produce valuable patents. He has been granted 197 patents and holds hundreds more patent-pending applications, including 26 in quantum computing, which uses quantum physics to tackle problems that would take years for existing computers to solve. (CNBC)