The Financial Times reported on Friday that JPMorgan Chase has commenced the deployment of a generative artificial intelligence (AI) product
The company has informed its employees that its version of OpenAI’s ChatGPT can perform the duties of a research analyst.
The report cites an internal memo seen by FT, stating that the lender, the largest in the United States, has granted employees of its asset and wealth management division access to a large language model known as LLM Suite. This model assists them in summarizing documents, idea generation, and writing.
The LLM Suite was introduced to certain areas of the bank earlier this year, and approximately 50,000 employees now have access to it, according to the report, which cites individuals with knowledge of the matter.
In September last year, Morgan Stanley, a rival U.S. investment bank, partnered with OpenAI and implemented a GenAI-powered chatbot. This bot provides financial advisors immediate access to Morgan Stanley’s intellectual capital.