JPMorgan Awards AI Research Grants

JPMorgan has awarded financial grants to university faculty and Ph.D. students for artificial intelligence (AI) research, Reuters first reported.

According to the report, a total of 47 financial grants awarded but the report did not disclose the size of the JPMorgan's grants.

Executive Opinion

In an interview with Reuters, Head of JPMorgan’s Artificial Intelligence (AI)Research, Manuela Veloso, said, "The world is becoming increasingly digital and there is a lot of data. The only way for this data to be truly useful is to have an AI solution to process it. We want AI and other technical students when they finish, to also consider joining JPMorgan instead of only thinking about the tech companies".

Why AI Grants?

JPMorgan wants to create ties with academia for its AI research division, created less than a year ago. The AI research division deals with areas of data & cryptography and ethics & fairness. JPMorgan’s 16-member team identifies use cases for AI to improve its internal processes, by automating more mundane tasks, and enhance services to clients, notes the report.

JPMorgan expects Ph.D. fellows to join JPMorgan after completing their studies in artificial intelligence (AI) and hopes that these awards will help them attract talent.

The bank spends around $11.5 billion a year on technology.