According to a report in the Financial Times today,JPMorgan ChaseStarted rolling out a generative AI product within the company, telling employees that this “own version of ChatGPT” could do the work of a research analyst.
▲ Image source: JPMorgan Chase
The report cited an internal memo from JPMorgan Chase saying the company has provided a large language model platform called LLM Suite to employees in its asset and wealth management division. Executives told employees that LLM Suite can help them by accessing third-party models.Writing, generating ideas and summarizing documents.
LLM Suite is described as a "ChatGPT-like product" forGeneral productivity” field. People familiar with the matter said that JPMorgan Chase began rolling out LLM Suite to some bank employees earlier this year and currently has about 200 employees. 50,000 employees(about 15% of its total employees) have access to the platform, but the company did not disclose how many research analysts it employs.
This product, which has not been reported before, isWall StreetOne of the biggest use cases for large language models. In addition, Morgan Stanley and OpenAI announced a partnership to use products for its wealth management business.
According to previous reports by IT Home, Citigroup reported in June this year that approximately 54% positions in the banking industry are likely to be automated.
Citigroup says AI could replace banking jobsPerhaps more than any other industry, because AI will disrupt consumers at the financial level and improve employee work efficiency. At the same time, 12% positions in the banking industry will be enhanced by AI.