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JPMorgan Chase & Co. (NYSE:JPM) shares are trading higher today. The bank has reportedly started deploying its generative AI tool, informing employees that its proprietary version of OpenAI’s ChatGPT can perform the tasks of a research analyst.
The U.S. bank has provided its asset and wealth management employees with access to a large language model named LLM Suite, reported Financial Times.
Jamie Dimon told investors in May that AI was “going to change every job. It may eliminate some jobs. Some of it may create additional jobs. But you can’t envision one app, one database, or one job where it’s not going to help, aid or abet.”
Executives informed staff that LLM Suite can assist with writing, idea generation, and document summarization.
The memo, signed by Mary Erdoes, head of asset and wealth management; Teresa Heitsenrether, chief data and analytics officer; and Mike Urciuoli, CIO of the asset and wealth management unit, described LLM Suite as a tool akin to a research analyst that can provide information, solutions, and advice on various topics.
They described LLM Suite as a “ChatGPT-like product” designed for “general-purpose productivity,” intended to complement other apps like Connect Coach and SpectrumGPT, which manage sensitive financial data.
According to the report, JPMorgan began rolling out LLM Suite earlier this year, and about 50,000 employees, or roughly 15% of its workforce, now have access to it. The company has not revealed the number of research analysts it employs.
This rollout, which hasn’t been previously reported, is one of the largest Wall Street implementations of an in-house developed large language model (LLM).
This month, JPM reported that second-quarter revenue rose 22% year over year to $50.2 billion, beating the consensus of $42.3 billion, and adjusted EPS of $4.40, exceeding the consensus of $4.19.
Investors can gain exposure to the stock via IShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).
Also Read: Walgreens Mulls Bond Sale As JPMorgan Gauges Investor Appetite: Report
Price Action: JPM shares are up 1.49% at $211.77 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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