According to TechFlow, the Financial Times reported that JPMorgan Chase is launching an internal AI tool called "LLM Suite" that 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 staff, whom the company describes as "research analysts who provide information, solutions and recommendations."
LLM Suite will be released in early 2024 and will be available to about 50,000 employees. Previously, the bank had developed AI tools to analyze Federal Reserve statements and detect trading signals. The latest survey shows that 61% of institutional traders believe that AI is the most influential technology in shaping the future of trading. This move highlights the importance of AI in the financial industry and its potential impact.