US bank JPMorgan Chase reportedly gives asset managers access to internal AI chatbot, compares it to working with human research analyst
US 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 of the lender’s asset and wealth management division have been 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 summarising documents, executives told staff.
“Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic,” the memo said.
Productivity tool
It described the tool as a “ChatGPT-like product” for “general purpose productivity” to be used alongside other internal apps that handle sensitive financial information, Connect Coach and SpectrumGPT.
The memo was reportedly signed by asset and wealth management head Mary Erdoes, chief data and analytics officer Teresa Heitsenrether and asset and wealth management unit chief information officer Mike Urciuoli.
LLM Suite was introduced to parts of the bank earlier this year and some 50,000 staff, or about 15 percent of employees, now have access to it, making it one of Wall Street’s largest use cases for LLMs, the report said.
The bank developed a proprietary LLM because staff are not permitted to use third-party consumer AI chatbots for work purposes as this could mean client data leaving the bank’s own servers.
JPMorgan chief executive Jamie Dimon told investors in May that AI would “change every job”.
AI for banking
Competitor Morgan Stanley last September partnered with OpenAI to roll out a chatbot internally that gives financial advisors in its wealth management business access to the company’s intellectual assets.
Last month a study from digital services consultancy Nash Squared found that generative AI is not yet replacing jobs in the UK, but is being broadly deployed to support existing roles, indicating that fears the technology would have an immediate effect on employment may have been exaggerated.
Nearly three-quarters of UK tech leaders, such as chief information officers and chief technology officers, said they had deployed generative AI to at least some employees, but 99 percent said it was not yet replacing jobs.
More than half of respondents were instead using generative AI to support existing jobs, the study found.
