JPMorgan launches its own AI-powered research analyst chatbot

JPMorgan Chase has unveiled its own version of OpenAI’s ChatGPT, which the Wall Street giant says can do the work of a research analyst, the Financial Times (FT) reported on Friday.

The new generative AI chatbot, dubbed LLM Suite, was announced in an internal memo co-signed by Mary Erdoes, CEO of JPMorgan’s asset and wealth management division; Teresa Heitsenrether, Chief Data and Analytics Officer; and Mike Urciuoli, Managing Director.

JPMorgan describes the LLM Suite as a “ChatGPT-like product” designed to work seamlessly with internal systems managing sensitive financial information to increase “general purpose productivity,” Financial Times reported.

LLM Suite is now available to employees in the asset and wealth management division, to assist with tasks such as writing, idea generation, and document summarization, the report said, citing an internal memo seen by FT. The new tool is part of the bank’s strategy to integrate cutting-edge technology into its operations.

Joseph Lupton, an economist at JPMorgan, highlighted that the tool has shown promise in early applications, particularly in identifying policy changes and providing early alerts on trading signals. “Preliminary applications are encouraging,” Lupton reportedly said.

The bank rolled out LLM Suite in early 2024, initially granting access to 15% of its workforce, which amounts to about 50,000 employees. Despite the internal rollout, JPMorgan has yet to make a formal public announcement regarding the launch of LLM Suite.

This isn’t JPMorgan’s first foray into AI. In 2023, the bank developed a tool to analyze U.S. Federal Reserve statements and speeches to detect trading signals, as reported by Bloomberg.

The introduction of LLM Suite is part of a broader trend among financial institutions to leverage AI. Morgan Stanley, another major U.S. investment bank, launched a generative AI-powered chatbot last September in collaboration with OpenAI, providing financial advisors with quick access to the bank’s vast intellectual resources.