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Morgan Stanley’s 16,000 Human Brokers Get Algorithmic Makeover

Call them cyborgs. Morgan Stanley is about to augment its 16,000 financial advisers with machine-learning algorithms that suggest trades, take over routine tasks and send reminders when your birthday is near. The project, known internally as “next best action,” shows how one of the world’s biggest brokerages aims to upgrade its workforce while a growing number of firms roll out fully automated platforms called robo-advisers. The thinking is that humans with algorithmic assistants will be a better solution for wealthy families than mere software allocating assets for the masses. At Morgan Stanley, algorithms will send employees multiple-choice recommendations based on things like market changes and events in a client’s life, according to Jeff McMillan, chief analytics and data officer for the bank’s wealth-management division. Phone, email and website interactions will be cataloged so machine-learning programs can track and improve their suggestions over time to generate more business with customers, he said. … Read the full story on Bloomberg
Quantitative Strategies and Capital for Trading

Citigroup taps quant trader Thomas Chippas

According to MarketWatch: By  Published: June 2, 2017 1:13 p.m. ET
Citigroup Inc. has tapped a quantitative trading veteran to help the bank vault into that hot category, as part of a broader build-up of its equities unit.
Thomas Chippas will join as global head of quantitative execution, the bank said Friday. Mr. Chippas previously led quant-trading units at Barclays PLC and Deutsche Bank AG, before leaving for jobs beyond Wall Street, most recently as chief operating officer of blockchain-technology startup Axoni Inc. Read the full article on MarketWatch