According to media reports, JPMorgan Chase has started launching a generative AI product and has informed its employees that the chatbot is capable of performing research analyst tasks.
According to an internal memo seen by the media, the largest Wall Street bank has allowed employees in its asset and wealth management department to use a large language model called LLM Suite.
Xiaomo executives told employees that LLM Suite can help them with writing, generating creative ideas, and summarizing documents. The memo states that you can imagine LLM Suite as a research analyst who can provide information, solutions, and recommendations on a particular topic.
Mary Erdogan, Head of Asset and Wealth Management at JPMorgan Chase, Teresa Heitsenrett, Chief Data and Analytics Officer at the bank, and Mike Urciuoli, Chief Information Officer at the Asset and Wealth Management division, jointly signed the memorandum.
They described LLM Suite as a "ChatGPT like product" that will be used for "general productivity" to complement their other applications that handle sensitive financial information, such as Connect Coach and SpectrumGPT.
A person familiar with the situation at JPMorgan stated that the bank began introducing LLM Suite to various departments earlier this year, and currently about 50000 employees (approximately 15% of the total number of employees) can use LLM Suite. The company did not disclose how many research analysts it has internally.
On Wall Street, some well-known financial institutions have previously established partnerships with some AI companies. For example, Morgan Stanley has partnered with OpenAI to use its related products for its wealth management business.
However, JPMorgan seems more committed to developing a proprietary LLM internally, as its employees are not allowed to use any consumer grade artificial intelligence chatbot products for work purposes - such as Anthropic's Claude, OpenAI's ChatGPT, or Google's Gemini. The company requires employees to strictly comply with relevant regulations to ensure that customer data does not leave the company's secure servers.
At present, it is unclear whether LLM Suite has encountered similar challenges as other AI models that have been found to produce "illusions" or present incorrect ideas as facts.
JPMorgan CEO Jamie Damon told investors earlier this year that artificial intelligence "will change every job.
Damon compared the potential impact of AI with that of the steam engine, and said, "We fully believe that this technology will bring extraordinary consequences, and its revolutionary nature may be no less than some major technological inventions in the past few hundred years. Think of the printing press, steam engine, electricity, computing machine and the Internet."