151 JPMorgan Chase (JPM.N) has started deploying its generative artificial intelligence (AI) product, informing employees that its proprietary version of OpenAI’s ChatGPT can perform tasks typically handled by research analysts, according to a report by the Financial Times on Friday. The largest bank in the United States has introduced the LLM Suite, a large language model, to its asset and wealth management division. This tool aids employees in writing, generating ideas, and summarizing documents, as detailed in an internal memo obtained by the Financial Times. JPMorgan began integrating the LLM Suite into select areas of the bank earlier this year. Currently, about 50,000 employees have access to this innovative tool, according to sources familiar with the initiative. This move follows a similar strategy by rival investment bank Morgan Stanley (MS.N), which partnered with OpenAI to launch a generative AI-powered chatbot last September. Morgan Stanley’s chatbot provides financial advisors with swift access to the bank’s extensive intellectual capital. By leveraging advanced AI technologies, both JPMorgan Chase and Morgan Stanley are enhancing their operational efficiencies and empowering their employees with cutting-edge tools to improve productivity and service delivery. You Might Be Interested In Goldman Sachs Offloads $2 Billion in Floating-Rate Notes Goldman Sachs Plans to Double Lending to Ultra-Wealthy Clients Over Five Years Dubai Welcomes 1.77 Million International Tourists in January 2024, Marking 21% Surge Pentagon Reviews Boeing Plea Deal Before Deciding on Contract Impact Standard Chartered Streamlines Operations by Integrating Industries Coverage into M&A Advisory Team Green Lending Gets Stalled: Banks Seek Incentives
