JPMorgan launches in-house AI chatbot that can do work of a research analyst

JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, it was reported. The biggest lender in the United States told its employees that its own version of OpenAI’s ChatGPT can do the work of a research analyst, the Financial Times reported. Here are top points on this story:
1. JPMorgan Chase has given its employees access to a large language model called LLM Suite, the report claimed.
2. The LLM will help JP Morgan employees with writing, idea generation and summarising documents, the report said, FT reported citing an internal memo.
3. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report claimed citing people in the know.
4. This comes as Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September. The JPMorgan rival said that the chatbot gives financial advisors quick access to all of Morgan Stanley’s intellectual capital.
5. Earlier, it was reported that new hires at JPMorgan Chase are being trained to take on the growing potential of artificial intelligence.
6. Mary Erdoes, head of the bank’s asset and wealth management division, said, “This year, everyone coming in here will have prompt engineering training to get them ready for the AI of the future.”
7. Company president Daniel Pinto said at the event that the technology will be “very, very impactful” for the bank’s 60,000 developers and 80,000 operations and call-center employees, which comprise almost half the company’s headcount.