JPMorgan hires State Street's Rob Otter to lead its quantum computing research team

JPMorgan has brought back an old hand to take charge of its quantum computing team, hiring Rob Otter to lead its advanced research division, according to CNBC.

Rob was most recently State Street’s global head of digital tech and quantum computing, but before that, he ran JPMorgan’s Onyx blockchain unit and held senior tech roles at Barclays, Credit Suisse, and Goldman Sachs.

The move follows the exit of Marco Pistoia, the former IBM engineer who had led JPMorgan’s applied research team since 2020. Marco’s departure wasn’t announced publicly, but his absence was confirmed by a person familiar with the matter.

The same person also allegedly confirmed that Charles Lim, who had been the bank’s global head of quantum communications and cryptography, has also left. Both exits happened recently and without any official comment from the bank.

JPMorgan replaces quantum research heads amid tech pivot

JPMorgan’s applied research group was tasked with exploring how new technologies could help solve real problems in finance. That included research into quantum computing, quantum networking, crypto-related systems, computer vision, and network tech. Marco had been running that group since he was brought in from IBM, where he was known for racking up hundreds of patents.

Rob is stepping into that role at a time when interest in quantum computing has gone mainstream. Companies like Alphabet and IBM are racing to build quantum machines that can outperform today’s traditional systems.

Meanwhile, smaller firms like D-Wave and Rigetti Computing have seen their shares pop thanks to growing interest in the tech, even though practical applications are still a long way off. Quantum is being explored for use in finance, drug development, materials science, and more.

JPMorgan had been vocal about the strength of the team it built under Marco. According to a 2023 company bio, Marco held at least 270 patents and had earned IBM’s “Master Inventor” title, given only to those who consistently file valuable patents.

His deputy, Charles, had led the charge on quantum encryption and secure messaging systems that were being tested to prevent any future security threats to the bank’s data.

Rob’s appointment was shared internally through a memo sent on Monday. There was no press release. No public briefing. Just a direct swap at the top of one of JPMorgan’s most ambitious research efforts. The bank hasn’t commented on why Marco and Charles left or what changes will follow next.

For now, the only thing that’s clear is this: JPMorgan is putting Rob back in the seat and keeping its foot on the gas in the quantum computing race.

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