JPMorgan Chase & Co. is immersing every new banking employee in artificial-intelligence training, preparing them for a technology Chief Executive Officer Jamie Dimon has likened to the impact of the printing press and steam engine.
“This year, everyone coming in here will have prompt engineering training to get them ready for the AI of the future,” Mary Erdoes, who runs the asset- and wealth-management unit, said at the firm’s investor day Monday.
Erdoes said AI is helping on two fronts in her division: time saving and revenue growth. The business is reducing time spent “hunting and pecking,” she said, by enabling bankers to pull up certain information on potential investments while clients are on the phone. It’s also getting rid of “no joy work” by eliminating repeatable, rote tasks. That has already saved some analysts two to four hours of their workdays, according to Erdoes.
JPMorgan sees the emerging technology as worth between $1 billion and $1.5 billion, President Daniel Pinto said at the event. AI will have a “very, very” large impact for the firm’s 60,000 developers and 80,000 operations and call-center employees — nearly half the company.
As a nod to how AI has seeped into all aspects of life at JPMorgan, Erdoes walked to the podium accompanied by a song she said was generated by feeding the slide deck into a large-language model.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.