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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.