Banking analysts and equity researchers could soon find their jobs thoroughly reshaped by AI, which could make working in finance look more like working at the CIA.
JPMorgan Chase, the world’s largest bank by market cap, began rolling out to employees its own internal chatbot, known as LLM Suite, per a report in the Financial Times.
They were encouraged to use it for “writing, generating ideas, solving problems using Excel, summarizing documents,” among other things, according to an email sent by the bank.
At JPMorgan, the chatbot could augment the work being done with “a hybrid of human and AI analysts, very similar to how the intelligence community works,” Igor Jablokov, founder and CEO of AI startup Pryon told Fortune.
JPMorgan employees got access to the chatbot in piecemeal fashion. An email sent to employees in JPMorgan’s asset and wealth management division announced they would be the latest to receive access to LLM Suite. So far, it has been rolled out to roughly 50,000 of JPMorgan’s 240,000 global employees, according to the Financial Times.
“Think of LLM Suite as a research analyst that can offer information, solutions, and advice on a topic,” noted the email, portions of which were viewed by Fortune. The memo referred to LLM Suite as a “the firm’s ChatGPT-like product.”
On Wall Street, AI has been met with both anticipation and trepidation. The industry could be poised to reap huge profits from AI’s potential, while at the same time it could be among the hardest hit by job losses as a result of automation. A study from consulting firm Accenture found bankers could have three-quarters of their daily tasks replaced by AI. And Citigroup, a Wall Street giant in its own right, forecasts the banking sector could lose more jobs to AI automation than any other.
That said, companies aren’t stopping its integration into their day-to-day operations. As AI becomes increasingly accessible, companies are looking for ways to tailor it to their own specific needs. Financial firms in particular have been excited about generative AI because of its ability to sift through huge amounts of data and make connections that may have otherwise gone unnoticed by humans, according to Matt Lucas, field chief technology officer at startup Stardog, which recently developed its own wealth management AI tool.
JPMorgan’s chatbot was “not surprising,” he said in a phone interview. “There’s definitely an appetite for introducing this type of capability inside of firms.”
LLM Suite is not JPMorgan’s only AI chatbot. The bank also has two other tools known as Connect Coach and SpectrumGPT that are specific to business tasks, rather than a general purpose tool like LLM Suite.
JPMorgan declined to comment.
“Anytime this type of technology gets introduced, there’s always the question of, ‘Is this going to replace the line worker or replace the advisor?’” said Lucas, who was…
Read More: JPMorgan’s chatbot could make the bank operate like the intel community
