JPMorgan Chase has unveiled a generative artificial intelligence (GenAI) product, dubbed LLM Suite, to enhance the productivity of its asset and wealth management division employees.
JPMorgan Chase said that LLM Suite is its in-house version of OpenAI’s ChatGPT and can do the work of a research analyst, The Financial Times (FT) reported.
The large language model platform is initially offered to the financial services company’s employees in the asset and wealth management division.
LLM Suite can help the employees with writing, idea generation and summarising documents through access to third-party models, the publication said.
JPMorgan Chase’s internal memo, as seen by FT said: “Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic.
“It was signed by Mary Erdoes, head of JPMorgan’s asset and wealth management business in the memo, Teresa Heitsenrether, the bank’s chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit’s chief information officer.”
Last year, the US financial services company restricted employees from using OpenAI’s ChatGPT, without specifying any reason for the restriction.
In May last year, JPMorgan Chase was reported as developing its own AI software resembling ChatGPT, after the bank applied for a trademark for an AI product, dubbed IndexGPT.
The company developed LLM Suite to stay compliant with strict regulations that prevent the use of AI chatbots, such as OpenAI’s GPT or Google’s Gemini, to ensure data security.
According to FT, around 50,000 JPMorgan employees, representing about 15% of its workforce, are currently accessing the software since the initial launch of LLM Suite earlier this year.
