JPMorgan Chase has initiated the implementation of a generative artificial intelligence (AI) tool, informing its staff that their proprietary version of OpenAI’s ChatGPT is capable of performing tasks typically handled by a research analyst, as reported by the Financial Times on Friday.
The largest bank in the United States has granted employees within its asset and wealth management sector the utilization of a sophisticated language model known as LLM Suite. This tool assists employees in tasks such as writing, generating ideas, and summarizing documents, according to an internal memo referenced by the FT.
JPMorgan commenced the deployment of LLM Suite within various segments of the bank earlier this year, with approximately 50,000 employees currently having access to this technology, as disclosed by sources familiar with the situation cited in the report.
In a similar vein, rival U.S. investment bank Morgan Stanley collaborated with OpenAI and introduced a GenAI-powered chatbot in September last year. This initiative provided financial advisors with swift access to Morgan Stanley’s extensive intellectual resources.
