According to TechFlow, JPMorgan Chase is launching an internal AI tool called LLM Suite, which may replace some research analysts' work.
The tool, used for writing, idea generation and document summarization, has been made available to asset and wealth management employees, whom the company describes as research analysts who can provide information, solutions and advice.
LLM Suite will be released in early 2024 and will be available to about 50,000 employees. Previously, the bank developed AI tools to analyze Federal Reserve statements and detect trading signals.
A new survey shows that 61% of institutional traders believe that AI is the most influential technology in shaping the future of trading, highlighting the importance the financial industry attaches to AI and its potential impact.
