JPMorgan rolls out Gen AI research analyst to employees

JPMorgan Chase has given its asset and wealth management employees access to a generative AI platform, LLM Suite, which will work as a research analyst.

According to an internal memo seen by the Financial Times, employees of the investment bank will have their own version of a “Chat-GPT-like product,” that is to be used for “general purpose productivity.”

The bot will help with writing, idea generation, and summarising documents through access to third-party models.

“Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic,” the memo told employees – signed by Mary Erdoes, head of JPMorgan’s asset and wealth management business, Teresa Heitsenrether, chief data and analytics officer at the bank, and Mike Uricuoli, CIO of the asset and wealth management unit.

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It will complement the bank’s other apps that manage sensitive financial information -Connect Coach and SpectrumGPT.

While pockets of the bank first used it earlier this year, around 50,000 employees will now have access to LLM Suite.

According to the FT, the bank developed a proprietary LLM platform in-house because its staff are not permitted to use any consumer AI chatbots, such as ChatGPT, or Google’s Gemini, for work purposes.

This is because consumer chatbots are often trained on the inputs of their users, and financial service providers operate under strict regulations to ensure client data does not leave their own secure services.

Last September, rival US bank Morgan Stanley partnered with OpenAI and deployed a GPT-4-powered chatbot that offered financial advisors quick access to all of Morgan Stanley’s intellectual capital.

JPMorgan Chase did not immediately respond to a request for comment.