Investment bank JP Morgan is looking to ramp up its efficiency through an in-house chatbot the firm has called 'LLM Suite'.
Access to the chatbot has been given to employees of JP Morgan's asset and wealth management division in the US, according to an internal memo seen by The Financial Times. With executives heralding the tool's writing, ideation, and summarization capabilities.
Heads of the bank implored staff to "think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic" according to the leaked memo, which was signed by both the head and CIO of the targeted division and JP Morgan's chief data and analytics officer.
They described the tool as similar to ChatGPT in nature and said that it was to be used in conjunction with other apps at the firm to aid "general purpose productivity."
Around 50,000 employees – roughly 15% of JP Morgan's staff – now have access to the platform, a person familiar with the matter told the Financial Times, constituting a sizable AI adoption case in the finance industry.
JP Morgan bans its staff from using consumer AI chatbots owing to the sensitive nature of the firm's data, which includes large quantities of sensitive information about client investments.
There is scope for forming partnerships with the big names in AI, however, assuming companies like OpenAI can ensure the security of these bank's proprietary data and information.
For example, investment bank Morgan Stanley has been building on a partnership with OpenAI for some time to create an "internal-facing chatbot" to perform searches of wealth management content.
"You essentially have the knowledge of the most knowledgeable person in Wealth Management, instantly", Jeff McMillan, head of analytics, data, and innovation, said.
"Think of it as having our chief investment strategist, chief global economist, global equities strategist, and every other analyst around the globe on call for every advisor, every day. We believe that is a transformative capability for our company," he added.
In both instances, big-name finance companies are using AI tools to drive large-scale productivity gains in-house, though in neither case is it clear how this will impact employee turnover at the firms.
JP Morgan CEO Jamie Dimon reportedly told investors that AI is "going to change every job" earlier this year, stating that it may "eliminate" some roles just as it may create new ones as the technology develops.
