JPMorgan to Roll Out Generative AI Tool
By Vukan Ljubojevic | TH3FUS3 Senior Writer
July 26, 2024 11:07 AM
Reading time: 1 minute, 56 seconds
TL;DR JPMorgan Chase is rolling out its own generative AI tool called LLM Suite. The tool aims to assist asset and wealth management employees with writing, idea generation, and document summarization. It was introduced via an internal memo co-signed by top executives.
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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.