Goldman Abandons Quantum Effort After 8M Qubit Barrier, JPMorgan Builds 50-Specialist Team
Goldman Sachs disbanded its quantum computing team after tests revealed a portfolio optimization problem would require more than 8 million logical qubits and millions of years of computation. JPMorgan has expanded its quantum division to over 50 specialists, pursuing optimization, machine learning and cryptography applications with Quantinuum’s Helios processor.
1. Goldman Sachs Halts Quantum Research
Goldman Sachs concluded that solving its portfolio optimization problem would need over 8 million logical qubits and millions of years of runtime, leading to its decision to disband the in-house quantum team and reallocate resources to other initiatives.
2. JPMorgan’s Continued Quantum Investment
JPMorgan has grown its quantum computing division to over 50 specialists, working with Quantinuum’s Helios processor on applications in optimization, machine learning and cryptography to seek incremental performance gains despite long development timelines.
3. Broader Industry Quantum Activity
Other financial institutions including UBS, BBVA, Credit Agricole and HSBC are also experimenting with quantum algorithms for portfolio optimization and trading forecasts, while technology firms like Google and IBM lead hardware development, underscoring the large gap between research ambitions and current capabilities.