JPMorgan's New AI Tool: LLM Suite

Investment banking giant JPMorgan Chase is reportedly rolling out an in-house version of a ChatGPT-like generative artificial intelligence product capable of doing the work of a research analyst.

JPMorgan's asset and wealth management division employees were provided access to the newly launched generative AI tool, LLM Suite. This tool was primarily built to help them with writing, idea generation, and document summarization.

The tool was introduced through an internal memo co-signed by Mary Erdoes, the CEO of JPMorgan Chase's asset and wealth management line of business, Teresa Heitsenrether, the company's chief data and analytics officer, and Mike Urciuoli, managing director. The memo was viewed by the Financial Times, which explained to the employees:

"Think of LLM Suite as a research analyst that can offer information, solutions, and advice on a topic."

Capabilities and Integration

JP Morgan explained that LLM Suite is a "ChatGPT-like product" that can work with other internal systems that handle sensitive financial information to increase "general purpose productivity". FT stated that the bank released the LLM Suite in early 2024 and provided access to 15% (50,000 employees) of its workforce. However, JP Morgan has not officially acknowledged the launch of its newly appointed AI research analyst, LLM Suite.

Historical Context

Last year, JPMorgan created an AI tool to analyze Federal Reserve statements and speeches to detect potential trading signals, according to a Bloomberg report. The AI tool allowed analysts to detect policy shifts and trigger a heads-up on trading signals. "Preliminary applications are encouraging," JPMorgan economist Joseph Lupton reportedly said.

Growing Support for AI

JPMorgan recently surveyed 4,010 institutional traders and found that 61% of the respondents regard AI as the most impactful technology shaping the future of trading. Most participants across 65 countries anticipate AI and machine learning will emerge as the most impactful trading technologies within the next three years. Meanwhile, 13% bet on a more significant impact from application programming interface (API) integration, blockchain or distributed ledger technology, and quantum computing received 7% of the votes each.

Related Developments

In related news, JPMorgan-backed blockchain firm 'Partior' recently closed a $60M Series B funding. This highlights the bank's ongoing commitment to integrating advanced technologies into its operations.

The introduction of LLM Suite marks a significant milestone in JPMorgan's journey towards leveraging AI for enhanced productivity and decision-making.