Author: Arijit Sarkar, CoinTelegraph; Translated by: Tao Zhu, Golden Finance
Investment banking giant JPMorgan Chase is reportedly launching an internal version of a ChatGPT-like generative AI product that can do the work of a research analyst.
Employees in JPMorgan Chase’s asset and wealth management division have access to a new generative AI tool, LLM Suite, that is designed to help them write, ideate and summarize documents.
The tool was launched via an internal memo signed by Mary Erdoes, CEO of JPMorgan’s asset and wealth management business line, Teresa Heitsenrether, the firm’s chief data and analytics officer, and Mike Urciuoli, a managing director.
Could Generative AI Replace JPMorgan Research Analysts?
The memo, seen by the Financial Times, explained to staff:
“Think of LLM Suite as a research analyst who can provide information, solutions, and recommendations on a topic.”
JPMorgan explained that LLM Suite is a “ChatGPT-like product” that can be used with other internal systems that handle sensitive financial information to improve “general productivity.”
The Financial Times said the bank released the LLM Suite in early 2024 and opened access to 15% of its employees (50,000 employees). However, JPMorgan has not officially acknowledged the launch of its newly appointed AI research analyst LLM Suite.
Last year, JPMorgan Chase created an artificial intelligence tool to analyze Federal Reserve statements and speeches to detect potential trading signals, according to Bloomberg.
The AI tool provides analysts with a way to detect policy changes and trigger early warning trading signals. Joseph Lupton, an economist at JPMorgan Chase, reportedly said: "The initial applications are encouraging."
Institutional traders increasingly support AI
JPMorgan recently surveyed 4,010 institutional traders and found that 61% of respondents believe AI is the most influential technology shaping the future of trading.
Technologies shaping the future of trading. Source: JPMorgan Chase
The majority of participants from 65 countries expect artificial intelligence and machine learning to become the most influential trading technologies in the next three years.
Thirteen percent believed that application programming interface (API) integration would have a greater impact, while blockchain or distributed ledger technology and quantum computing each received 7 percent of the vote.
