The ex-JPMorgan man that led the cloud revolution in banks is now pushing AI instead
Scott Mullins has been around. He was a former executive director at JPMorgan working in trade surveillance, and a managing director at the NASDAQ exchange. For the last 12 years, however, he has been at the forefront of one of banking's biggest technological changes. Now, he's leaving that behind for an even bigger one.
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Mullins was most recently an MD at cloud infrastructure firm Amazon Web Services, and its global manager for worldwide financial services. Now, he's joining OpenAI in New York as its head of financial services. Neither he nor OpenAI responded to a comment request, but it seems like he'll be attempting to ramp up the adoption of ChatGPT and relevant AI tools among banks, hedge funds and other financial firms.
It's a logical next step for Mullins, who has waxed lyrical for years about cloud technology as a means of facilitating AI. He told theCUBE in 2024 that "to actually leverage generative AI... you’ve got to have your data organized in a way that makes it easy to do that." He told the publication last month that the biggest problem with AI is convincing CEOs to adopt it, rather than the integration itself. His new role presumably includes a lot convincing.
Some firms may be easier to convince than others. The likes of HSBC and Standard Chartered are planning to cut tens of thousands of jobs collectively, citing AI as the primary reason. Various fintechs, comparatively younger institutions, are also conducting AI-driven mass layoffs.
The real test will be implementing the technology in key revenue-generating roles. Ex-bankers have told us that AI tools do not produce client materials to a high enough standard yet, while quants say that AI coding tools can't be trusted for critical trading systems.
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