JPMorgan Introduces Generative AI Tool for Employees
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JPMorgan Chase has launched a Generative AI chatbot for employees, comparing it to having a research analyst available at your desk. Named LLM Suite, the chatbot is designed to assist with writing, generating ideas, and summarizing documents, according to the company’s executives.
An internal memo describes LLM Suite as a “research analyst that can provide information, solutions, and advice on a topic. The chatbot is already available to 50,000 staff members. The next phase of the rollout includes deploying it to employees in the company’s asset and wealth management division.
JPMorgan Seeks To Maintain Its Leadership In The Finance Industry
JPMorgan has over 2,000 AI and machine learning experts and data scientists. It has developed more than 400 ways to use the technology, including in marketing, detecting fraud, and managing risk.
A new study by Evident found that JPMorgan has been doing more AI research over the years. In 2018, the firm did 30% of the AI research, but by 2023, it did 45%. This is because the firm has been spending a lot of money on hiring AI experts.
JPMorgan has more than 200 AI researchers. That’s more than four times the number at the Royal Bank of Canada and almost half of all the AI researchers at the top 10 banks.
JPMorgan Chase & Co. is a big finance company based in New York City. It is the largest bank in the U.S. and the biggest bank in the world by market value as of 2023.
JPMorgan Wants To Use AI To Enhance Its Investment Strategies
During the bank’s investor day in May, the head of the asset and wealth management division, Mary Erdoes, highlighted employees’ benefits. She said this year, every person coming in here will get swift engineering training to prepare them for the AI of the future.
At the same event, company president Daniel Pinto stated that the technology will have a “very, very” significant impact on the bank’s 60,000 developers and 80,000 operations and call center employees.
In his April letter to shareholders, Jamie Dimon, JPMorgan’s Chief Executive Officer, compared the arrival of AI to the growth of the steam engine and the printing press. He stated that they envision GenAI as a tool that could help reimagine entire business workflows. Dimon also noted that the technology has the potential to enhance almost every job.
In May, the bank said it was using OpenAI’s GPT-4 model to create different investment baskets based on themes. They identify keywords related to a theme and use a natural language processing model to find news articles about companies in that area.
