JPMorgan Chase has begun deploying its own generative artificial intelligence (AI) product, designed to perform tasks traditionally handled by research analysts, according to a report by the Financial Times on Friday.
The largest bank in the U.S. has introduced its proprietary AI model, LLM Suite, to employees in its asset and wealth management division. This large language model is intended to assist with writing, idea generation, and document summarization. The tool has been gradually rolled out since earlier this year, and approximately 50,000 employees now have access to it, the report states, citing an internal memo.
In contrast, Morgan Stanley, a rival U.S. investment bank, partnered with OpenAI to launch a generative AI-powered chatbot in September of the previous year, providing financial advisors with rapid access to the firm’s intellectual resources.
JPMorgan Chase declined to comment on the report.
