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JPMorgan Chase has launched an artificial intelligence (AI) product internally, which it describes as capable of performing the functions of a research analyst, according to a report by the Financial Times.
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The largest U.S. bank has introduced the generative AI tool, dubbed LLM Suite, to its asset and wealth management teams to assist with tasks such as writing, idea generation, and document summarization.
This AI initiative began earlier in the year, and currently around 50,000 employees have access to the LLM Suite, leveraging its capabilities to enhance efficiency within the bank.
This development follows a similar move by Morgan Stanley, which last September partnered with OpenAI to implement a GenAI powered chatbot that provides financial advisors rapid access to the firm’s comprehensive intellectual resources. JPMorgan, however, declined to comment on the report.
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