02:23 PM EDT, 07/21/2025 (MT Newswires) -- (Updates with JPMorgan Chase ( JPM ) response in the fourth paragraph.)

JPMorgan Chase ( JPM ) has hired State Street (STT) executive Rob Otter as head of its applied research and engineering team, which researches emerging technologies, including quantum computing, CNBC reported Monday, citing an employee memo.

Otter, who is State Street's global head of digital technology and quantum computing, will succeed Marco Pistoia, who recently departed the company, a person briefed on the matter told CNBC.

JPMorgan's ( JPM ) global head for quantum communications and cryptography, Charles Lim, has also left the bank, the report said.

A JPMorgan ( JPM ) spokesperson confirmed the accuracy of the report in an emailed response to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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