JPMorgan Chase unveils AI tool for research analysis

• Published On: 27 July 2024 at 07:27

JPMorgan Chase has released a new generative artificial intelligence tool that it claims can handle the functions of a research analyst.

According to a Financial Times investigation, the bank has begun distributing its own version of OpenAI's ChatGPT to staff.

The financial behemoth, the largest bank in the United States, has made the AI tool, called LLM Suite, available to its asset and wealth management business. The technology helps with writing, idea generation, and document summarisation, according to an internal note reviewed by the Financial Times.

LLM Suite's deployment began early this year, and it is now available to about 50,000 employees. This action demonstrates JPMorgan's commitment to integrating breakthrough AI technologies into its operations.

In contrast, Morgan Stanley, a rival US financial bank, collaborated with OpenAI last September to build a GenAI-powered chatbot. This technology offers financial advisors quick access to the bank's intellectual capital.