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JPMorgan Chase has introduced a new artificial intelligence assistant to help its employees with daily tasks, including drafting emails and reports.
The largest U.S. bank by assets developed the portal, known as LLM Suite, that allows users to access large language models (LLM), CNBC reported citing people with knowledge of the plans. The software was launched with a model from OpenAI, the company behind AI chatbot ChatGPT.
More than 60,000 employees, or about one-fifth of JPMorgan’s total headcount, already have access to LLM Suite, according to CNBC.
JPMorgan has positioned itself as an early AI leader within the banking industry. The firm hired its head of AI research back in 2018 and has built up more than 400 use cases across a number of the bank’s functions.
Chief executive Jamie Dimon is charting full steam ahead when it comes to AI adoption. In his annual letter to shareholders in May, the banker likened the transformational potential of the technology to the printing press and the steam engine.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition,” he said.
But this hasn’t just applied to engineers and data scientists at the firm. Mary Erdoes, head of JPMorgan’s asset and wealth management division, said at the bank’s investor day in May that every new hire will receive AI training.
According to Erdoes, JPMorgan bankers have reduced the time they spend “hunting and pecking” by using AI to call up information on potential investments. This has helped save some analysts between two to four hours of work each day, she said.
JPMorgan president Daniel Pinto estimated that AI use cases could create as much as $1.5 billion in value this year.
Since the start of the chatbot and generative AI boom, the bank has also sought to mitigate the use of unsupervised tools, which can result in misleading — and sometimes entirely made up — information. In February 2023, JPMorgan joined a growing list of companies that had banned employees from using OpenAI’s flagship model.
AI on the Street
Wall Street has embraced the burgeoning tech, introducing AI into a number of its functions to help streamline staffers’ work.
In June, Morgan Stanley rolled out Debrief, a generative AI assistant that sits in on financial advisors’ meetings with client consent, surface action items, summarize key points, draft emails, and save notes into Salesforce. The assistant is built on OpenAI’s GPT-4.
Vince Lumia, head of Morgan Stanley Wealth Management client segments, said that the tool “drives immense efficiency in an advisors’ day-to-day, allowing more time to spend on meaningful engagement with their clients.”
Goldman Sachs has also finished introducing its own generative AI platform, known as the GS AI Platform, that extends the investment bank’s existing machine learning platform that gives developers select access to AI models, The Wall Street Journal reported.
Goldman, which also banned the use of ChatGPT, has partnered with OpenAI-backer Microsoft to tap GPT-3.5 and GPT-4 models, Google for its Gemini model, as well as open source models like Meta’s Llama.
And Bank of America, the second-largest U.S. bank by assets, is directing $4 billion to new technology initiatives, including AI, in 2024. The bank’s virtual assistant, Erica, reached 2 billion interactions in April, with bank clients engaging with it approximately two million times per day.