Google Cloud Exec Defects To J.P. Morgan To Lead AI Division: Report

Google has lost one of its senior artificial intelligence experts, according to a new report.

Apoorv Saxena, Google's head of product management for cloud-based artificial intelligence, is reportedly jumping ship for J.P. Morgan Chase, according to a report published Tuesday by CNBC after the media outlet obtained a memo regarding J.P. Morgan's latest hire.

The report said Saxena will lead the multinational investment bank's AI and machine learning services division from Palo Alto, California. He will also be head of asset and wealth management AI technology for New York City-based J.P. Morgan Chase.

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Google did not respond to CRN's request for comment on the executive move prior to publication.

The departure comes as some of the country's largest corporations compete over heavily sought-after AI and machine learning talent. Following suit of some of the largest tech companies, financial institutions are also looking into how AI, machine learning and blockchain technologies can transform and automate their businesses.

According to a 2018 report by IT consulting firm Accenture, No. 2 on the CRN 2018 Solution Provider 500 list, 60 percent of business executives say that blockchain will be critical to their company’s success over the next three years.

J.P. Morgan also brought on Manuela Veloso, head of the machine-learning department at Carnegie Mellon University, to "identify additional opportunities for AI and design solutions that could transform financial services," according to a statement from the University in May. Veloso took a leave of absence in July from the school to begin her work with J.P. Morgan.