Goldman Sachs, JPMorgan Chase and Citigroup are accelerating their quantum computing research because of technological advancements in the field. They intend to design quantum algorithms that will be applied to risk management, trading and other banking activities. To get going, some banks have started developing QC or have been partnering/investing in quantum computing startups. Goldman Sachs has three patent applications published, and both Goldman and CITI have invested in QC Ware, which has one issued patent and 5 applications. But these banks are late to the game when compared to Bank of America, which has already grabbed 9 patents and has others coming.