JPMorgan Rolls Out AI-Powered ‘Research Analyst’ Tool for Employees
JPMorgan Chase, the largest bank in the United States, has begun deploying a new artificial intelligence tool called LLM Suite to its asset and wealth management division. This generative AI platform, described as a “ChatGPT-like product” in an internal memo, is designed to assist employees with various tasks typically performed by research analysts.
According to reports from the Financial Times and Bloomberg, the LLM Suite can help with writing, idea generation, problem-solving using spreadsheets, and summarizing documents. The bank is positioning the tool as a virtual research analyst capable of offering information, solutions, and advice on various topics.
The internal memo, co-signed by Mary Erdoes, head of JPMorgan’s asset and wealth management business, Teresa Heitsenrether, chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit’s chief information officer, emphasized the tool’s potential to boost productivity.
JPMorgan developed LLM Suite in-house, as employees are not permitted to use consumer AI chatbots like OpenAI’s GPT or Google’s Gemini for work purposes due to strict financial regulations concerning data security. The bank has been gradually introducing the tool since early 2024, with approximately 50,000 employees, or 15% of its workforce, now having access to it.
This move aligns with JPMorgan CEO Jamie Dimon’s bullish stance on AI. Dimon has previously stated that AI technology will be embedded in every one of the bank’s processes, including trading, research, equity hedging, and customer service. He also believes that while AI may eliminate some jobs, it could create others and change every existing role.
The introduction of LLM Suite represents one of Wall Street’s largest use cases for large language models to date. However, it remains unclear whether the tool has encountered issues such as “hallucinating” or stating incorrect information as facts, which have been challenges for other AI models.
As financial institutions continue to explore AI applications, JPMorgan’s initiative highlights the growing trend of integrating advanced technologies into traditional banking operations. The bank’s approach also underscores the importance of developing proprietary AI solutions that comply with stringent financial regulations while potentially reducing costs and improving efficiency.
