JPMorgan Chase Launches AI Assistant for 60,000 Employees, Powered by OpenAI's ChatGPT

JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI

Teresa Heitsenrether is the firm's chief data and analytics officer. JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant. The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC. Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models -- the complex programs underpinning generative AI tools -- and launched it with ChatGPT maker OpenAI's LLM, said the people. "Ultimately, we'd like to be able to move pretty fluidly across models depending on the use cases," Teresa Heitsenrether, JPMorgan's chief data and analytics officer, said in an interview. "The plan is not to be beholden to any one model provider." The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022. Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisors. And consumer tech giant Apple said in June that it was integrating OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach. The technology -- hailed by some as the "Cognitive Revolution" in which tasks formerly done by knowledge workers will be automated -- could be as important as the advent of electricity, the printing press and the internet, JPMorgan CEO Jamie Dimon said in April. It will likely "augment virtually every job" at the bank, Dimon said. JPMorgan had about 313,000 employees as of June.

JPMorgan Chase staff are getting a new AI assistant -- powered by OpenAI

JPMorgan Chase has introduced a new artificial intelligence assistant to help its employees with daily tasks, including drafting emails and reports. The largest U.S. bank by assets developed the portal, known as LLM Suite, that allows users to access large language models (LLM), CNBC reported citing people with knowledge of the plans. The software was launched with a model from OpenAI, the company behind AI chatbot ChatGPT. More than 60,000 employees, or about one-fifth of JPMorgan's total headcount, already have access to LLM Suite, according to CNBC. JPMorgan has positioned itself as an early AI leader within the banking industry. The firm hired its head of AI research back in 2018 and has built up more than 400 use cases across a number of the bank's functions. Chief executive Jamie Dimon is charting full steam ahead when it comes to AI adoption. In his annual letter to shareholders in May, the banker likened the transformational potential of the technology to the printing press and the steam engine. "Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition," he said. But this hasn't just applied to engineers and data scientists at the firm. Mary Erdoes, head of JPMorgan's asset and wealth management division, said at the bank's investor day in May that every new hire will receive AI training. According to Erdoes, JPMorgan bankers have reduced the time they spend "hunting and pecking" by using AI to call up information on potential investments. This has helped save some analysts between two to four hours of work each day, she said. JPMorgan president Daniel Pinto estimated that AI use cases could create as much as $1.5 billion in value this year. Since the start of the chatbot and generative AI boom, the bank has also sought to mitigate the use of unsupervised tools, which can result in misleading -- and sometimes entirely made up -- information. In February 2023, JPMorgan joined a growing list of companies that had banned employees from using OpenAI's flagship model. Wall Street has embraced the burgeoning tech, introducing AI into a number of its functions to help streamline staffers' work. In June, Morgan Stanley rolled out Debrief, a generative AI assistant that sits in on financial advisors' meetings with client consent, surface action items, summarize key points, draft emails, and save notes into Salesforce. The assistant is built on OpenAI's GPT-4. Vince Lumia, head of Morgan Stanley Wealth Management client segments, said that the tool "drives immense efficiency in an advisors' day-to-day, allowing more time to spend on meaningful engagement with their clients." Goldman Sachs has also finished introducing its own generative AI platform, known as the GS AI Platform, that extends the investment bank's existing machine learning platform that gives developers select access to AI models, The Wall Street Journal reported. Goldman, which also banned the use of ChatGPT, has partnered with OpenAI-backer Microsoft to tap GPT-3.5 and GPT-4 models, Google for its Gemini model, as well as open source models like Meta's Llama. And Bank of America, the second-largest U.S. bank by assets, is directing $4 billion to new technology initiatives, including AI, in 2024. The bank's virtual assistant, Erica, reached 2 billion interactions in April, with bank clients engaging with it approximately two million times per day.

JPMorgan Launches AI Assistant for 60,000 Employees

JPMorgan reportedly had previously banned ChatGPT within the company over data privacy concerns. JPMorgan Chase & Co. (JPM) is giving its employees access to a generative AI assistant built by the makers of OpenAI. More than 60,000 employees already have access to the program, known as LLM Suite, according to a CNBC report that was confirmed by a spokesperson to Investopedia. LLM Suite is designed to access external large language models (LLMs), the deep learning algorithms used to summarize, translate, predict, and generate text. The program launched with OpenAI's ChaptGPT model, but the plan is to be able to utilize multiple LLMs, the report said. Ultimately, LLM Suite is expected to be as prevalent at the company as Zoom, with employees using it to summarize large documents, utilize other software in problem solving, and incorporating AI into other programs the report said, citing people familiar with the matter. The move comes after JPMorgan initially banned its employees from using ChatGPT in February 2023, according to a Bloomberg report. The difference now is that JPMorgan has more control over its own data, according to the bank's chief data and analytics officer, Teresa Heitsenrether. "Since our data is a key differentiator, we don't want it being used to train the model," Heitsenrether said, according to CNBC. "We've implemented it in a way that we can leverage the model while still keeping our data protected." JPMorgan Chase stock was up less than 1% to $205.24 as of 10:30 a.m. ET Friday. Shares are up 20% this year.

JPMorgan Taps OpenAI's ChatGPT in Major AI Integration

LLM Suite integrates AI across JPMorgan's key business sectors. JPMorgan Chase has recently launched LLM Suite, a generative artificial intelligence assistant that can help employees in tasks like drafting emails and reports. This is the first step towards the implementation of the company's plan to leverage AI in its operations. JPMorgan Taps OpenAI's ChatGPT JPMorgan Chase, the largest U.S. bank by assets, has recently deployed a generative AI assistant called LLM Suite to assist over 60,000 of its employees. This rollout is part of a broader initiative to integrate advanced AI technologies throughout the organization. The LLM Suite is designed as a portal that connects users to external large language models, starting with the ChatGPT model developed by OpenAI. The implementation of this technology is to support processes in the bank, helping employees with writing emails, creating reports, and even solving problems using spreadsheets. This is expected to position the software as critical for JPMorgan's work as the Zoom app has become for video conferencing. Integration into Daily Operations JPMorgan's approach is to engage OpenAI while not being dependent on a particular model supplier. As stated by Teresa Heitsenrether, JPMorgan's Chief Data and Analytics Officer, the bank aims at transitioning between the different models seamlessly depending on the function required. This way, the bank can utilize the power of AI tools while protecting its sensitive data, which was an issue in the past because the bank did not allow the use of external AI tools such as ChatGPT. Concurrently, the integration of the LLM Suite is extensive and affects many departments in the bank, such as consumer banking, investment services, and asset management. The AI tools are also helping in increasing the efficiency of the employees by eliminating the monotonous work of document summarization and itinerary planning and also in the case of financial advisors. This action follows another earlier this year where JPMorgan prohibited the use of ChatGPT in the banking organization showing the firm's new approach towards the usage of generative AI models. OpenAI's Recent Developments Besides cooperating with JPMorgan, OpenAI is still improving its artificial intelligence technologies. The AI company, headed by Sam Altman, recently released a major update called Structured Outputs. This feature guarantees that any output from OpenAI models follows set JSON Schemas from developers, increasing the usability of the models in professional solutions. In addition, OpenAI has released the GPT-4o System Card outlining safety precautions and operational procedures for its new model proving that the company is aware of the increasing challenges and risks that come with AI. Concurrently, other financial institutions, including Morgan Stanley and Citigroup, have also embarked on similar AI initiatives, signalling a shift towards more technologically integrated financial services.

JPMorgan Rolls Out AI Assistant To 60,000 Employees For Enhanced Productivity - Fidelity MSCI Financials Index ETF (ARCA:FNCL), iShares U.S. Financial ETF (ARCA:IYF)

AI assists JPMorgan with email writing, document summarization, and fraud prevention. JPMorgan Chase & Co. JPM has provided an artificial-intelligence assistant to more than 60,000 employees, with plans to eventually make the technology available throughout the company. The program, called LLM Suite, is designed to help employees with tasks such as writing emails and reports, CNBC reported. The bank launched the system with ChatGPT maker OpenAI's large language model, but LLM Suite will allow employees to use other LLMs depending on use cases. Competitor Morgan Stanley MS has given a pair of OpenAI-powered tools to its financial advisors, and Apple Inc. said in June that it was equipping the operating system of hundreds of millions of its consumer devices with OpenAI models. Read Also: Amazon's $4B AI Partnership With Anthropic Under UK Investigation For Anti-Competitive Concerns The bank has introduced LLM Suite so far to its consumer division, investment bank, and asset and wealth management business to give them a hand with writing, summarizing long documents, solving problems with Excel and coming up with ideas. JPMorgan is already using generative AI to create marketing content for social media channels, create itineraries for a travel agency it acquired in 2022 and summarize meetings for financial advisors, said Chief Data and Analytics Officer Teresa Heitsenrether, as reported by CNBC. The firm also uses AI to determine where to put new bank branches and ATMs through satellite images, help call center personnel quickly find answers and prevent fraud in its global-payments business, she told CNBC. The bank plans to eventually use AI to provide autonomous AI agents to carry out complex multistep tasks, a move that may empower some workers but displace others. Price Action: Shares of JPMorgan were up 0.97% to $206.04 at the time of publication Friday. iShares U.S. Financial Services ETF IYG ticked up 0.45% Financial Select Sector SPDR Fund XLF gained 0.26% iShares U.S. Financials ETF IYF rose 0.32% Vanguard Financials ETF VFH went up 0.27% Fidelity MSCI Financials Index ETF FNCL was up 0.42% Read Next: Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Secretly Monitor But Don't Talk About Yet Image created using artificial intelligence via Midjourney. Market News and Data brought to you by Benzinga APIs