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[1]
JPMorgan engineers' efficiency jumps as much as 20% from using coding assistant
BENGALURU, March 13 (Reuters) - Tens of thousands of JPMorgan Chase (JPM.N), opens new tab software engineers increased their efficiency, delivering products 10% to 20% faster by using a coding assistant tool developed by the bank, its global chief information officer Lori Beer said. The gains present "a great opportunity" for the lender to assign its engineers to other projects, Beer told Reuters ahead of DevUp, an internal conference hosted by JPMorgan, bringing together its top engineers in India. The largest lender in the U.S. had a technology budget of $17 billion for 2024. Its tech workforce of 63,000 employees, with a third of them based in India, represents about 21% of its global headcount. The efficiency gains from the coding assistant will also allow JPMorgan's Indian centers to devote more time to high-value projects focusing on artificial intelligence and data, she said. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year. The bank is focused on areas where it can use AI to make money for its businesses, Beer said. "I wouldn't say success is if we get 1,000 done," she said. "Success is if we continue to articulate that it's not just an incremental shift with AI, but we're transforming and creating value," she said. JPMorgan's president Daniel Pinto previously said implementing AI could add about $1 billion to $1.5 billion in value for the bank. "If I don't pass those bars of true outcomes, doesn't matter how many use cases I enabled in production," Beer said. In terms of hiring, "we've sort of passed our high growth time," Beer said. "There's so much productivity and opportunity as we think about a world with AI. We've grown rapidly...You're going to see us continue to optimize the footprint we have," she said. Reporting by Haripriya Suresh; Editing by Lananh Nguyen and Tasim Zahid Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence Haripriya Suresh Thomson Reuters Haripriya reports on India's $254-billion Indian information technology (IT) industry, the country's burgeoning GCCs, as well as new-age startups. With seven years of experience, she has previously reported on politics, civic issues, crime, and breaking news in south India, and tracked the country's gig economy. She has a degree in Media Studies with a specialisation in journalism from the Symbiosis Centre for Media and Communication.
[2]
JPMorgan engineers' efficiency jumps as much as 20% from using coding assistant
The efficiency gains from the coding assistant will also allow JPMorgan's Indian centres to devote more time to high-value projects focusing on artificial intelligence and data, said Lori Beer, global chief information officer, JPMorgan Chase.Tens of thousands of JPMorgan Chase software engineers increased their efficiency, delivering products 10% to 20% faster by using a coding assistant tool developed by the bank, its global chief information officer Lori Beer said. The gains present "a great opportunity" for the lender to assign its engineers to other projects, Beer told Reuters ahead of DevUp, an internal conference hosted by JPMorgan, bringing together its top engineers in India. The largest lender in the U.S. had a technology budget of $17 billion for 2024. Its tech workforce of 63,000 employees, with a third of them based in India, represents about 21% of its global headcount. The efficiency gains from the coding assistant will also allow JPMorgan's Indian centres to devote more time to high-value projects focusing on artificial intelligence and data, she said. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year. The bank is focused on areas where it can use AI to make money for its businesses, Beer said. "I wouldn't say success is if we get 1,000 done," she said. "Success is if we continue to articulate that it's not just an incremental shift with AI, but we're transforming and creating value," she said. JPMorgan's president Daniel Pinto previously said implementing AI could add about $1 billion to $1.5 billion in value for the bank. "If I don't pass those bars of true outcomes, doesn't matter how many use cases I enabled in production," Beer said. In terms of hiring, "we've sort of passed our high growth time," Beer said. "There's so much productivity and opportunity as we think about a world with AI. We've grown rapidly...You're going to see us continue to optimize the footprint we have," she said.
[3]
JPMorgan credits this AI tool for boosting software engineers'...
Tens of thousands of JPMorgan Chase software engineers increased their productivity 10% to 20% by using a coding assistant tool developed by the bank, its global chief information officer Lori Beer said. The gains present "a great opportunity" for the lender to assign its engineers to other projects, Beer told Reuters ahead of DevUp, an internal conference hosted by JPMorgan, bringing together its top engineers in India this year. The largest lender in the US had a technology budget of $17 billion for 2024. Its tech workforce of 63,000 employees, with a third of them based in India, represents about 21% of its global headcount. The efficiency gains from the coding assistant will also allow JPMorgan's engineers to devote more time to high-value projects focusing on artificial intelligence and data, Beer said. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year. The bank is focused on areas where it can use AI to make money for its businesses, Beer said. "I wouldn't say success is if we get 1,000 done," she said. "Success is if we continue to articulate that it's not just an incremental shift with AI, but we're transforming and creating value," she said. JPMorgan's president Daniel Pinto previously said implementing AI could add about $1 billion to $1.5 billion in value for the bank. In terms of hiring, "we've sort of passed our high growth time," Beer said. "There's so much productivity and opportunity as we think about a world with AI. We've grown rapidly... You're going to see us continue to optimize the footprint we have," she said. In 2022, Beer said the company planned to hire about 2,000 engineers worldwide.
[4]
JPMorgan engineers' efficiency jumps as much as 20% from using coding assistant
BENGALURU (Reuters) - Tens of thousands of JPMorgan Chase software engineers increased their efficiency, delivering products 10% to 20% faster by using a coding assistant tool developed by the bank, its global chief information officer Lori Beer said. The gains present "a great opportunity" for the lender to assign its engineers to other projects, Beer told Reuters ahead of DevUp, an internal conference hosted by JPMorgan, bringing together its top engineers in India. The largest lender in the U.S. had a technology budget of $17 billion for 2024. Its tech workforce of 63,000 employees, with a third of them based in India, represents about 21% of its global headcount. The efficiency gains from the coding assistant will also allow JPMorgan's Indian centers to devote more time to high-value projects focusing on artificial intelligence and data, she said. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year. The bank is focused on areas where it can use AI to make money for its businesses, Beer said. "I wouldn't say success is if we get 1,000 done," she said. "Success is if we continue to articulate that it's not just an incremental shift with AI, but we're transforming and creating value," she said. JPMorgan's president Daniel Pinto previously said implementing AI could add about $1 billion to $1.5 billion in value for the bank. "If I don't pass those bars of true outcomes, doesn't matter how many use cases I enabled in production," Beer said. In terms of hiring, "we've sort of passed our high growth time," Beer said. "There's so much productivity and opportunity as we think about a world with AI. We've grown rapidly...You're going to see us continue to optimize the footprint we have," she said. (Reporting by Haripriya Suresh; Editing by Lananh Nguyen and Tasim Zahid)
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JPMorgan Chase reports significant efficiency gains from its in-house AI coding assistant, allowing for faster product delivery and reallocation of resources to high-value AI projects.
JPMorgan Chase, the largest U.S. lender, has reported a significant boost in efficiency among its software engineers, thanks to an internally developed AI-powered coding assistant. According to Lori Beer, the bank's global chief information officer, tens of thousands of engineers have increased their productivity by 10% to 20%, delivering products faster than before 1.
The efficiency gains present a "great opportunity" for JPMorgan to reassign its engineers to other high-value projects, particularly those focusing on artificial intelligence and data 2. With a tech workforce of 63,000 employees, representing about 21% of its global headcount, the bank is well-positioned to leverage these productivity improvements 3.
JPMorgan is actively exploring AI applications across its operations:
Beer emphasizes that success is not merely about implementing a large number of AI use cases, but rather about transforming operations and creating tangible value. JPMorgan's president, Daniel Pinto, has previously estimated that AI implementation could add $1 billion to $1.5 billion in value for the bank 1.
JPMorgan's commitment to technological advancement is evident in its substantial technology budget of $17 billion for 2024 2. The bank's global tech workforce is strategically distributed, with a third of its 63,000 tech employees based in India 3.
While JPMorgan has experienced rapid growth in recent years, Beer indicates that the bank has "sort of passed our high growth time" in terms of hiring 4. The focus is now shifting towards optimizing the existing workforce and leveraging AI-driven productivity gains. This approach aligns with the bank's strategy to maximize efficiency and value creation in an AI-enhanced operational landscape.
Reference
[3]
JPMorgan Chase introduces an AI-powered assistant to enhance productivity for 60,000 employees. The tool, based on OpenAI's ChatGPT, aims to streamline various tasks and improve efficiency across the organization.
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JPMorgan Chase has launched an in-house AI chatbot to assist its employees with research analysis. The tool, named IndexGPT, aims to enhance efficiency and provide quick access to vast amounts of financial data.
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Major banks are leveraging AI for productivity gains, but struggle to generate revenue from the technology. While AI enhances efficiency in various operations, financial institutions are still exploring ways to monetize these advancements.
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Jamie Dimon, CEO of JPMorgan Chase, predicts that AI will revolutionize work-life balance, potentially reducing workweeks to 3.5 days and extending lifespans to 100 years. He emphasizes AI's positive impact on productivity and healthcare while addressing concerns about job displacement.
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Citigroup introduces two AI-powered tools, Citi Assist and Citi Stylus, to enhance productivity for 140,000 employees across eight countries, marking a significant step in the banking industry's adoption of AI technology.
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