JPMorgan Introduces AI-Powered Chatbot for Research Analysis

JPMorgan launches in-house chatbot as AI-based research analyst, FT reports

JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter.JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst, the Financial Times reported on Friday. The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents, the report said, citing an internal memo seen by FT. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter. Rival U.S. investment bank Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September, offering financial advisors quick access to all of Morgan Stanley's intellectual capital. JPMorgan did not immediately respond to a Reuters request for comment.

JPMorgan launches in-house chatbot as AI-based research analyst, FT reports

JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst, the Financial Times reported on Friday. The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents, the report said, citing an internal memo seen by FT. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter. Rival U.S. investment bank Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September, offering financial advisors quick access to all of Morgan Stanley's intellectual capital. JPMorgan declined to comment on the report. (Reporting by Devika Nair in Bengaluru; Editing by Sonia Cheema)

JPMorgan launches in-house chatbot as AI-based research analyst, FT reports

July 26 (Reuters) - JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst, the Financial Times reported on Friday. The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents, the report said, citing an internal memo seen by FT. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter. Rival U.S. investment bank Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September, offering financial advisors quick access to all of Morgan Stanley's intellectual capital. JPMorgan did not immediately respond to a Reuters request for comment. (Reporting by Devika Nair in Bengaluru; Editing by Sonia Cheema)

JPMorgan launches in-house chatbot as AI-based research analyst: Report

JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst, the Financial Times reported on Friday. The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents, the report said, citing an internal memo seen by FT. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter. Rival U.S. investment bank Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September, offering financial advisors quick access to all of Morgan Stanley's intellectual capital. JPMorgan declined to comment on the report. Read Comments

JPMorgan pitches in-house chatbot as AI-based research analyst

Stephen Morris in San Francisco and Joshua Franklin in New York JPMorgan Chase has begun rolling out a generative artificial intelligence product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst. The US bank has given employees of its asset and wealth management division access to a large language model the bank is calling LLM Suite, according to an internal memo seen by the Financial Times. Executives told staff LLM Suite can help them with writing, idea generation and summarising documents. "Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic," the memo told employees. It was signed by Mary Erdoes, head of JPMorgan's asset and wealth management business in the memo, Teresa Heitsenrether, the bank's chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit's chief information officer. They described it as a "ChatGPT-like product" that was to be used for "general purpose productivity" to complement its other apps that handle sensitive financial information called Connect Coach and SpectrumGPT. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees, or roughly 15 per cent of its staff, now have access to it, said a person familiar with the matter. The company does not disclose how many research analysts it employs. The rollout, which has not previously been reported, is one of Wall Street's largest use cases for an LLM, especially one that has been built in-house. Morgan Stanley has partnered with OpenAI to use products for its wealth management business. It is not known if LLM Suite has encountered similar struggles to other AI models that have been caught "hallucinating" or stating incorrect ideas as facts. JPMorgan chief executive Jamie Dimon told investors in May that AI was "going to change every job". "It may eliminate some jobs. Some of it may create additional jobs," Dimon said. "But you can't envision one app, one database, or one job where it's not going to help, aid or abet." JPMorgan president Daniel Pinto has previously estimated the value from AI technology that the bank already uses is about $1bn to $1.5bn. The bank developed a proprietary LLM in-house because its staff are not permitted to use any consumer AI chatbots -- such as Anthropic's Claude, OpenAI's GPT or Google's Gemini -- for work purposes. Financial services companies operate under strict regulations to ensure client data does not leave its own secure servers.

JPMorgan launches in-house chatbot as AI-based research analyst, FT reports

(Reuters) - JPMorgan Chase has begun rolling out a generative artificial intelligence (AI) product, telling employees that its own version of OpenAI's ChatGPT can do the work of a research analyst, the Financial Times reported on Friday. The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents, the report said, citing an internal memo seen by FT.

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. More on JPMorgan Chase JPMorgan, Citigroup Earnings: Like Both, But Citigroup Is A Cheaper, Longer-Term Play JPMorgan Chase: Likely Fairly Valued, But Well-Positioned To Keep Gaining Market Share JPMorgan Chase: Building Consistency And Shareholder Trust

JPMorgan launches in-house AI chatbot that can do work of a research analyst: Top points

1. JPMorgan Chase has given its employees access to a large language model called LLM Suite, the report claimed. 2. The LLM will help JP Morgan employees with writing, idea generation and summarising documents, the report said, FT reported citing an internal memo. 3. JPMorgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report claimed citing people in the know. 4. This comes as Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September. The JPMorgan rival said that the chatbot gives financial advisors quick access to all of Morgan Stanley's intellectual capital. 5. Earlier, it was reported that new hires at JPMorgan Chase are being trained to take on the growing potential of artificial intelligence. 6. Mary Erdoes, head of the bank's asset and wealth management division, said, "This year, everyone coming in here will have prompt engineering training to get them ready for the AI of the future." 7. Company president Daniel Pinto said at the event that the technology will be "very, very impactful" for the bank's 60,000 developers and 80,000 operations and call-center employees, which comprise almost half the company's headcount.

JPMorgan Chase unveils AI-powered LLM Suite; may replace research analysts

Last year, the US financial services major had restricted employees from using OpenAI's ChatGPT at the peak of the AI platform's buzz. At the time, the bank did not specify any reason for the restriction or how the artificial intelligence tool may have been used by employees. Reports had also indicated that JPMorgan and other organisations had gone as far as to block access to ChatGPT.