JPMorgan Chase & Co. has launched a generative artificial intelligence tool and told employees to think of it as a research analyst that can offer information, solutions and advice, according to an internal memo viewed by Bloomberg.
The bank is giving “many” employees in the asset and wealth-management division access to its own version of OpenAI’s ChatGPT, called LLM Suite. The tool can help with writing, idea generation, problem solving using spreadsheets, summarizing documents and more, according to the memo.
The product doesn’t contain specific asset and wealth-management division knowledge and is meant for general-purpose productivity, it says.
A spokesperson for JPMorgan declined to comment. The memo was reported earlier by the Financial Times.
The document was co-signed by Mary Erdoes, head of the bank’s asset and wealth management business, Teresa Heitsenrether, the bank’s chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit’s chief information officer.
JPMorgan’s Chief Executive Officer Jamie Dimon, an AI proponent who likens its importance to the steam engine or the internet, said the technology will be embedded in every one of the bank’s processes, including trading, research, equity hedging and customer service, in an April episode of The Circuit with Emily Chang.
The world’s biggest banks have been experimenting with AI over the last year, spurred by its potential to boost staffers’ productivity and cut costs. Citigroup estimated the technology could add $170 billion to the banking industry’s coffers by 2028 in a June report, but that it could displace more jobs in the sector than any other, with 54% of roles having a high potential to be automated.
Citigroup has said it would equip its 40,000 coders with the ability to experiment with different AI technologies. The lender is also using generative AI to quickly comb through hundreds of pages of regulatory proposals.
Deutsche Bank AG is using artificial intelligence to scan wealthy-client portfolios. And ING Groep NV is screening for potential defaulters.
One of the primary use cases for generative AI among financial technology upstarts and banking giants alike has been in customer service and support.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
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