JPMorgan Chase has started implementing a generative artificial intelligence product, as reported by the Financial Times on Friday. This AI tool, a customized version of OpenAI‘s ChatGPT, is designed to perform tasks traditionally handled by research analysts.
The bank, which is the largest in the United States, has provided its asset and wealth management division with access to a large language model called LLM Suite. This model assists employees with writing, idea generation, and document summarization, according to an internal memo.
JPMorgan began introducing LLM Suite to various parts of the bank earlier this year, and approximately 50,000 employees now have access to it, the report states, citing sources familiar with the deployment.
In a similar move, rival investment bank Morgan Stanley partnered with OpenAI last September to launch a GenAI-powered chatbot. This chatbot offers financial advisors quick access to Morgan Stanley’s extensive intellectual resources.
