JPMorgan hires new technology MD in its most joyful division

In JPMorgan's 2025 Investor Day last week, the bank said that it was using AI to eliminate the "no joy" work of its staff. The newest technology managing director (MD) to join that team will hope to incite even more joy.

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Patrick Neal has joined JPMorgan in New York as an MD in the chief data office of asset and wealth management. He spent the last 12 years at Wells Fargo, initially serving as its co-head of equities sales, before transitioning into technology. He was most recently the bank's head of data and model management for wealth and investment management.

Before that, Neal was an MD and head of equity strategy at Jefferies. He was also previously a derivatives trader at both Bank of America and high-frequency trading firm Susquehanna International Group (SIG).

Neal's experience with data models lends itself well to JPMorgan's AI initiatives. The bank's recent investor day presentation stated 12 AI use-cases already in play in the division. Four of these come from Connect Coach, an AI copilot used by JPMorgan's private bank, including AI-generated meeting preparation materials and tailored outreach ideas. JPMorgan said that AI tools have reduced research time for its staff by 83%, and reduced time to produce discussion materials by 90%... leaving more time for joy.

AI tends to come with fears over job security, but JPMorgan's asset and wealth management team has been growing. The investor day presentation said that headcount for the division had grown 70% in the past five years. It's an especially good time to join as a graduate; just a third of the division was 'home-grown' in 2019 but it has since risen to 48% of headcount. 

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