JP Morgan has hired Rob Otter from State Street to lead its applied research group, replacing former head Marco Pistoia. Otter’s background includes roles at JPMorgan, Barclays, Credit Suisse, and Goldman Sachs. Quantum computing is a key focus for financial institutions like JPMorgan, with potential applications in various fields.

Pistoia, a former IBM inventor and head of JP Morgan’s applied research group, has left the bank. His team explored emerging technologies like quantum computing, blockchain, computer vision, and networking for financial solutions. JPMorgan is investing in quantum computing, joining tech giants in the race for commercial applications.

Charles Lim, JP Morgan’s global head for quantum communications and cryptography, has also left the firm. Pistoia and Lim were key figures in building the research group, with Pistoia holding over 270 patents and earning the title of “Master Inventor” at IBM. The focus on quantum computing reflects the industry’s push for technological advancements.

Read more at CNBC: JPMorgan overhauls quantum computing leadership, poaches State Street exec