JP Morgan Chase has begun rolling out a generative artificial intelligence (GenAI) product, telling employees that its own version of OpenAI’s ChatGPT can do the work of a research analyst, the Financial Times (FT) reported on Friday.
The lender, the biggest in the United States, has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarizing documents, the report said, citing an internal memo seen by FT.
JP Morgan started introducing LLM Suite to pockets of the bank earlier this year and about 50,000 employees now have access to it, the report added, citing people familiar with the matter.
Rival US investment bank Morgan Stanley partnered with OpenAI and rolled out a GenAI powered chatbot last September, offering financial advisors quick access to all of Morgan Stanley’s intellectual capital.
JP Morgan did not immediately respond to a Reuters request for comment.
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