JPMorgan Chase Launches AI Assistant for 60,000 Employees

Key Takeaways

• JPMorgan Chase launched LLM Suite, an AI assistant designed to employ multiple large language models, according to a CNBC report that was confirmed by a spokesperson to Investopedia.
• More than 60,000 employees have access to the program so far, but the goal is for it to become ubiquitous at the company.
• JPMorgan reportedly had previously banned ChatGPT within the company over data privacy concerns.

JPMorgan Chase & Co. (JPM) is giving its employees access to a generative AI assistant built by the makers of OpenAI. More than 60,000 employees already have access to the program, known as LLM Suite, according to a CNBC report that was confirmed by a spokesperson to Investopedia.

LLM Suite is designed to access external large language models (LLMs), the deep learning algorithms used to summarize, translate, predict, and generate text. The program launched with OpenAI’s ChaptGPT model, but the plan is to be able to utilize multiple LLMs, the report said.

Ultimately, LLM Suite is expected to be as prevalent at the company as Zoom, with employees using it to summarize large documents, utilize other software in problem solving, and incorporating AI into other programs, the report said, citing people familiar with the matter.

JPMorgan Reportedly Had Banned Employees From Using ChatGPT

The move comes after JPMorgan initially banned its employees from using ChatGPT in February 2023, according to a Bloomberg report. The difference now is that JPMorgan has more control over its own data, according to the bank’s chief data and analytics officer, Teresa Heitsenrether.

“Since our data is a key differentiator, we don’t want it being used to train the model,” Heitsenrether said, according to CNBC. “We’ve implemented it in a way that we can leverage the model while still keeping our data protected.”

JPMorgan Chase stock was up less than 1% to $205.24 as of 10:30 a.m. ET Friday. Shares are up 20% this year.

Read the original article on Investopedia.

Conclusion

JPMorgan Chase is embracing the power of AI by launching LLM Suite, an AI assistant for its employees. With access to multiple large language models, employees can utilize LLM Suite to summarize documents, solve problems, and incorporate AI into various programs. This move comes after JPMorgan initially banned the use of ChatGPT due to data privacy concerns. However, the bank has now implemented measures to protect its data while leveraging the AI model. As JPMorgan continues to embrace AI technology, it is expected that LLM Suite will become as prevalent as other essential tools used by employees.