JPMorgan Chase has introduced a new generative artificial intelligence tool, which it claims can perform the duties of a research analyst.
According to a Financial Times report, the bank has begun rolling out its proprietary version of OpenAI’s ChatGPT to employees.
The financial giant, which is the largest bank in the United States, has made the AI tool, named LLM Suite, available to its asset and wealth management division. The tool assists with writing, idea generation, and document summarization, as detailed in an internal memo reviewed by the Financial Times.
The rollout of LLM Suite began earlier this year, and approximately 50,000 employees now have access to it. This move underscores JPMorgan’s commitment to integrating advanced AI technology within its operations.
In comparison, Morgan Stanley, a rival U.S. investment bank, partnered with OpenAI last September to launch a GenAI-powered chatbot. This tool provides financial advisors with rapid access to the bank’s intellectual capital.
