JPMorgan Chase Launches Proprietary AI Tool

JPMorgan Chase & Co. has launched an in-house generative AI tool called LLM Suite, designed to assist employees in the asset and wealth management division with tasks such as writing, idea generation, and document summarization. This tool is a proprietary version of OpenAI’s ChatGPT and is intended for general-purpose productivity. Approximately 50,000 employees, or 15% of JPMorgan's workforce, have access to LLM Suite. The initiative is part of a broader trend among major banks, like Citigroup and Deutsche Bank, to integrate AI to boost productivity and potentially reduce costs. JPMorgan CEO Jamie Dimon has emphasized AI's transformative impact on the banking industry, predicting it will be embedded in all processes. The bank initially restricted the use of consumer AI tools like ChatGPT due to data security concerns, opting to develop its own AI solutions instead.