JPMorgan Rolls Out AI Assistant To 60,000 Employees For Enhanced Productivity

JPMorgan Chase & Co. JPM has provided an artificial-intelligence assistant to more than 60,000 employees, with plans to eventually make the technology available throughout the company.

The program, called LLM Suite, is designed to help employees with tasks such as writing emails and reports, CNBC reported.

The bank launched the system with ChatGPT maker OpenAI's large language model, but LLM Suite will allow employees to use other LLMs depending on use cases.

Competitor Morgan Stanley MS has given a pair of OpenAI-powered tools to its financial advisors, and Apple Inc. said in June that it was equipping the operating system of hundreds of millions of its consumer devices with OpenAI models.

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The bank has introduced LLM Suite so far to its consumer division, investment bank, and asset and wealth management business to give them a hand with writing, summarizing long documents, solving problems with Excel and coming up with ideas.

JPMorgan is already using generative AI to create marketing content for social media channels, create itineraries for a travel agency it acquired in 2022 and summarize meetings for financial advisors, said Chief Data and Analytics Officer Teresa Heitsenrether, as reported by CNBC.

The firm also uses AI to determine where to put new bank branches and ATMs through satellite images, help call center personnel quickly find answers and prevent fraud in its global-payments business, she told CNBC.

The bank plans to eventually use AI to provide autonomous AI agents to carry out complex multistep tasks, a move that may empower some workers but displace others.

Price Action: Shares of JPMorgan were up 0.97% to $206.04 at the time of publication Friday.

• iShares U.S. Financial Services ETF IYG ticked up 0.45%
• Financial Select Sector SPDR Fund XLF gained 0.26%
• iShares U.S. Financials ETF IYF rose 0.32%
• Vanguard Financials ETF VFH went up 0.27%
• Fidelity MSCI Financials Index ETF FNCL was up 0.42%

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Image created using artificial intelligence via Midjourney.