JPMorgan Chase has unveiled its latest innovation, LLM Suite, a proprietary generative artificial intelligence platform designed to enhance productivity and research capabilities across its asset and wealth management division. This new tool, developed in-house, represents a significant advancement in the bank’s AI strategy and aims to transform how its employees perform critical tasks.

According to an internal memo obtained by the Financial Times, LLM Suite functions similarly to OpenAI’s ChatGPT, providing employees with capabilities to assist in writing, idea generation, and document summarization. The platform grants access to a variety of third-party large language models, enhancing the efficiency of JPMorgan Chase’s operations. The memo, authored by Mary Erdoes, Head of Asset and Wealth Management; Teresa Heitsenrether, Chief Data and Analytics Officer; and Mike Urciuoli, Chief Information Officer, describes LLM Suite as a “research analyst” that offers valuable information, solutions, and advice.

The rollout of LLM Suite has already reached approximately 50,000 employees, or about 15% of JPMorgan Chase’s workforce, and represents one of the largest implementations of large language models on Wall Street. This initiative follows similar advancements by Morgan Stanley, which has partnered with OpenAI to integrate AI products into its wealth management services.

JPMorgan Chase’s decision to develop LLM Suite internally reflects its commitment to maintaining strict data security protocols, as employees are prohibited from using external consumer AI chatbots like Anthropic’s Claude or Google’s Gemini for work-related tasks. This approach ensures that client data remains secure within the bank’s controlled environment.

Jamie Dimon, JPMorgan Chase’s CEO, has previously emphasized the transformative impact of AI on the workforce, stating that “AI is going to change every job.” Dimon highlighted the dual nature of AI’s influence, acknowledging both the potential for job displacement and the creation of new opportunities. Additionally, JPMorgan Chase President Daniel Pinto has estimated that the AI technologies currently in use at the bank contribute approximately $1 billion to $1.5 billion in value.

The introduction of LLM Suite marks a significant step in JPMorgan Chase’s ongoing efforts to leverage artificial intelligence to drive innovation and operational excellence.

Note: This press release includes information derived from the Financial Times