JPMorgan Chase & Co. has curbed its staff’s use of the ChatGPT chatbot, according to a person familiar with the matter.
The artificial intelligence software is currently restricted, the person said, who asked not to be identified because the information is private. The move to restrict use of ChatGPT, which impacts JPMorgan employees across the firm, wasn’t triggered by any specific incident but reflects normal controls around third-party software.
ChatGPT became an internet phenomenon in recent months. The fast-growing technology generates text, images and other media in response to a short prompt.
That has spurred buzz about its future potential for everything from writing poems in the style of Shakespeare to creating stock portfolios. There’s even an exchange-traded fund planned around the concept.
Microsoft Corp. is investing $10 billion in OpenAI, the artificial-intelligence research company behind the chatbot, a move that could see it challenge Google’s dominance of search.
But problems have also arisen since ChatGPT’s November launch. OpenAI said it is working to reduce biases in the system and will allow users to customize its behavior following a spate of reports about inappropriate interactions and errors in its results.
For closely regulated lenders, the caution around the introduction of any new technology is understandable. Over 2021 and 2022, U.S. regulators handed out more than $2 billion in total penalties to a dozen banks relating to their workforce’s unauthorized use of private messaging services.
A representative for OpenAI didn’t immediately respond to a request for comment. The Telegraph reported the restrictions earlier.
A new SIFMA and KPMG study of more than 2,100 US investors finds satisfaction high, AI-only trust falling, and demand for human guidance growing across every generation.
Retail banks and private wealth firms scored 40 in Fitch's AI stress test, signaling possible one-notch downgrade risk under an adverse scenario.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
