US bank JPMorgan Chase is reportedly giving asset managers access to an in-house AI chatbot, comparing it to working with a human research analyst
American Bank JPMorgan Chase has begun rolling out an internal generative artificial intelligence (AI) product that it says is comparable to working with a research analyst, The Financial Times reported.
Employees in the lender’s asset and wealth management division were given access to a large language model called LLM Suite, according to an internal memo.
The tool is designed to help with writing, idea generation and document synthesis, executives told staff.
“Think of LLM Suite as a research analyst that can offer insights, solutions and advice on a topic,” the memo says.
Productivity tool
He described the tool as a “ChatGPT-like product” for “general purpose productivity” to be used with other internal applications that handle sensitive financial information, Connect Coach and SpectrumGPT.
The memo was reportedly signed by asset and wealth management director Mary Erdoes, chief data and analytics officer Teresa Heitsenrether and asset and wealth management unit chief information officer Mike Urciuoli.
The LLM suite was introduced to parts of the bank earlier this year and some 50,000 employees, or about 15% of the workforce, now have access to it, making it one of Wall Street’s largest use cases for LLMs, the report said.
The bank has developed a proprietary LLM as staff are not allowed to use third-party consumer AI chatbots for business purposes as this could mean customer data is compromised. leave the bank’s own servers.
JPMorgan CEO Jamie Dimon told investors in May that AI would “change every job.”
AI at the service of the banking sector
Competitor Morgan Stanley Last September, partnered with OpenAI to internally deploy a chatbot that gives financial advisors in its wealth management business access to the company’s intellectual assets.
Last month, a study by digital services consultancy Nash Squared found that generative AI is not yet replacing UK jobsbut it is largely being deployed to support existing roles, indicating that fears that the technology would have an immediate impact on employment may have been overblown.
Nearly three-quarters of UK technology executives, such as chief information officers and chief technology officers, said they had deployed generative AI to at least some employees, but 99% said it was not yet replacing jobs.
More than half of respondents are instead using generative AI to support existing jobs, the study found.
