“AI is real. We already have thousands of people working on it, including top scientists around the world.”
Jamie Dimon-led JPMorgan is not your typical investment bank. It is currently setting itself apart by adopting an AI-first strategy. Most recently, the bank announced a generative AI tool for its employees, which is an in-house version of OpenAI’s ChatGPT that can effectively perform tasks typically done by research analysts.
Named the LLM Suite, the new large language model platform will be available to employees in JPMorgan's asset and wealth management division. It supports tasks like writing, idea generation, and document summarisation making use of third-party models.
Earlier this year, JPMorgan began rolling out LLM Suite to select areas within the bank, reaching approximately 50,000 employees, or about 15% of its workforce.
“Things are going to change. There will be all types of different models, tools, and technologies. But for us, the way to think about it is in every single process—errors, trading, hedging, research, every app, every database—you’re going to be applying AI,” he predicts.
“It might be as a copilot, or it might be to replace humans.”