JPMorgan Chase has increased its software engineers’ productivity by 10% to 20% using an internally developed AI-powered coding assistant, the bank’s global chief information officer, Lori Beer, said on Thursday.
The efficiency gains create “a great opportunity” for the bank to reallocate engineers to other strategic projects, Beer told Reuters ahead of DevUp — an internal conference in India gathering JPMorgan’s top tech talent.
JPMorgan, the largest U.S. lender, has a technology budget of $17 billion for 2024. Its global tech workforce includes 63,000 employees — about a third of whom are based in India — representing roughly 21% of the bank’s total headcount.
The boost in productivity will allow JPMorgan’s Indian tech hubs to focus more on high-impact projects, particularly in artificial intelligence and data science, Beer said.
The bank currently has around 450 potential AI use cases under consideration, with CEO Jamie Dimon predicting that figure could rise to 1,000 by next year. However, Beer emphasized that success won’t be measured by sheer numbers.
“I wouldn’t say success is if we get 1,000 done,” she said. “Success is if we continue to articulate that AI isn’t just an incremental shift — it’s about transformation and creating real value.”
JPMorgan’s president, Daniel Pinto, previously estimated that AI implementation could generate $1 billion to $1.5 billion in value for the bank.
On hiring, Beer suggested the bank is moving beyond its recent expansion phase.
“We’ve passed our high-growth period,” she said. “With AI driving so much productivity, we’re focused on optimizing the workforce we already have.”
