From CNBC: 2024-08-09 08:43:55

JPMorgan Chase introduces new generative AI assistant, LLM Suite, to over 60,000 employees, aiding with tasks like writing emails and reports. Company plans for AI to be as common as Zoom. CEO Jamie Dimon predicts AI will “augment virtually every job.” Bank is cautious about AI that directly interacts with customers.

Bank pivots focus to generative AI technology after ChatGPT’s arrival in 2022. AI can automate tasks formerly done by knowledge workers. JPMorgan uses AI for social media marketing, client itineraries, preventing fraud, and more. Generative AI has the potential to fundamentally change industries and boost profits.

JPMorgan’s AI strategy includes making models available to workers, integrating proprietary data for greater productivity gains, and eventually creating autonomous AI agents. Generative AI could empower workers while displacing others, changing sector composition. AI is predicted to boost banking profits and revolutionize mundane tasks.

Read more: JPMorgan Chase rolls out AI assistant powered by ChatGPT-maker OpenAI