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JPMorgan Chase has begun rolling out a product based on generative artificial intelligence, telling employees that its own version of OpenAI's ChatGPT could do the work of a research analyst.
The US bank has given employees in its wealth management division access to a big language modeling platform that the bank calls the “LLM Suite”, in line with an internal memo seen by the Financial Times.
Managers told their employees that the LLM Suite could help them write, generate ideas, and summarize documents by providing access to third-party models.
“Think of LLM Suite as a research analyst who can provide information, solutions and advice on a subject,” said the memo to employees, signed by Mary Erdoes, head of JPMorgan's wealth management business, Teresa Heitsenrether, the bank's chief data and analytics officer, and Mike Urciuoli, chief information officer of the wealth management unit.
They described it as a “ChatGPT-like product” that will be used for “general productivity purposes” to enrich other apps Connect Coach and SpectrumGPT, which handle sensitive financial information.
JPMorgan began rolling out the LLM Suite to some parts of the bank earlier this 12 months. About 50,000 employees, or about 15 percent of the workforce, now have access to it, said an individual conversant in the matter. The company doesn’t disclose what number of research analysts it employs.
The launch, which has not been previously reported, is one in all the most important use cases for LLMs on Wall Street, with Morgan Stanley partnering with OpenAI to deploy products for its wealth management business.
It is just not known whether LLM Suite has had similar problems to other AI models which were caught “hallucinating” or passing off false ideas as fact.
JPMorgan CEO Jamie Dimon told investors in May that AI “will transform every job.”
“It might take some jobs. It might create some jobs,” Dimon said. “But you may't imagine an app, a database, a job that it doesn't help, promote or support.”
JPMorgan President Daniel Pinto estimated the worth of the AI ​​technology the bank already uses at about $1 billion to $1.5 billion.
The bank has developed its own LLM platform internally because its employees are usually not allowed to make use of consumer AI chatbots – equivalent to Anthropic's Claude, OpenAI's GPT or Google's Gemini – for skilled purposes. Financial services firms are subject to strict regulations to be certain that customer data doesn’t leave their very own secure servers.
