JP Morgan, the world’s largest financial institution, has begun to deploy a synthetic intelligence (AI) chatbot for internal use. Wall Street, which is watching, is alleged to have mixed expectations and concerns about AI.
The Financial Times reported on the twenty sixth (local time) that JP Morgan has begun providing its employees with ‘LLM Suite’, an AI chatbot designed to enhance the productivity of employees in its asset and wealth management department.
Based on this, LLM Suite is a self-developed AI chatbot much like ‘ChatGPT’. It supports tasks similar to document writing, idea generation, and summary work, and may replace the work of research analysts who can provide information, solutions, and advice on specific topics.
JPMorgan has strictly restricted the usage of consumer AI chatbots like ChatGPT and Google’s Gemini resulting from concerns about data security and hallucinations. As an alternative, it has developed its own LLM suite.
The LLM Suite is currently known to have been distributed to about 50,000 of JP Morgan’s 240,000 global employees. This scale is taken into account the most important on Wall Street. Morgan Stanley can also be utilizing AI through a partnership with OpenAI, nevertheless it remains to be within the testing stage.
The corporate has been actively introducing generative AI since early last yr. It was considered one of the primary corporations on Wall Street to introduce large language models (LLMs).
Specifically, Jamie Dimon, the chairman of JP Morgan, is a representative supporter of generative AI. He likened the emergence of AI to “the emergence of the printing press, the steam engine, electricity, computing, and the Web.” He also emphasized that “AI can revolutionize all jobs within the bank, eliminating some jobs and creating latest jobs.”
Daniel Pinto, president of JP Morgan, also estimated that “the worth derived from the AI technology currently utilized by JP Morgan will range from $1 billion (about 1.4 trillion won) to $1.5 billion (about 2 trillion won).”
Wall Street is alleged to be each excited and fearful about AI. It is alleged that while AI’s potential could bring huge profits, it is also hit hardest by job losses resulting from automation.
Based on a study by consulting firm Accenture, three-quarters of bank employees’ routine tasks could possibly be replaced by AI. Citigroup predicted that the banking sector could lose more jobs to AI automation than every other sector.
Meanwhile, along with general-purpose tools just like the LLM Suite, JPMorgan also has other AI tools called Connect Coach and SpectrumGPT that help manage sensitive financial information.
Reporter Park Chan cpark@aitimes.com
