JPMorgan roll outs AI chatbot that can do the work of a research analyst – report

JPMorgan Chase (NYSE:JPM) has given asset and wealth management division employees access to a generative artificial intelligence product that can do the work of a research analyst, the Financial Times reported, citing an internal memo.

The bank’s ChatGPT-like large language model, called LLM Suite, can help employees with writing, idea generation and summarizing documents.

“Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic,” the memo to employees noted.

The lender began introducing LLM Suite to certain employees earlier this year, and around 15% of its staff (about 50,000 employees) currently have access to it, a source told FT. The AI product would be one of Wall Street’s largest use cases for an LLM.

“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition,” JPMorgan (JPM) CEO Jamie Dimon wrote in his annual shareholder letter in April. “It may reduce certain job categories or roles, but it may create others as well.”

JPMorgan’s (JPM) in-house genAI product was developed as its employees are not allowed to use external AI chatbots like OpenAI’s ChatGPT or Google’s (GOOG) (GOOGL) Gemini for work purposes. This is because of strict rules ensuring that client data does not leave financial companies’ secure servers.