JPMorgan Chase recently rolled out a generative AI assistant, known as the LLM Suite, to more than 60,000 of its employees, marking the start of a comprehensive plan to integrate the technology across the entire company.
The LLM Suite, which uses large language models from OpenAI, the makers of ChatGPT, is designed to assist employees with a variety of tasks, including drafting emails and writing reports. The move is part of an effort to make the technology as commonplace across the company as Zoom is for video conferencing, according to people familiar with the matter.
JPMorgan, which has chosen not to develop its own AI models, designed the LLM Suite as a gateway for employees to access advanced external generative AI tools. “Our goal is to seamlessly navigate between different models depending on the specific needs of a business,” said Teresa Heitsenrether, who leads JPMorgan’s data and analytics practice.
The introduction of this AI technology represents a major shift in business operations, mirroring broader trends seen in the American corporate landscape. Notably, competitors like Morgan Stanley have also begun integrating OpenAI tools into their advisors, while tech giant Apple has announced plans to embed these models into its consumer devices.
JPMorgan CEO Jamie Dimon has compared this progress to historic innovations like electricity and the Internet, suggesting it will improve nearly every role within the bank. JPMorgan currently employs about 313,000 people worldwide.
The launch of the LLM Suite comes after JPMorgan initially blocked access to ChatGPT over data privacy concerns. “We have implemented security measures to leverage this technology while maintaining the security of our proprietary data,” Heitsenrether said.
The LLM Suite is used across the business, including consumer banking, investment services, and wealth management. It helps employees with tasks ranging from summarizing documents to solving problems in Excel.
Teresa Heitsenrether, promoted in 2023 to lead the bank’s AI adoption, stressed the importance of training employees to use AI effectively through early engineering. “Understanding the capabilities and limitations of AI is essential to driving innovation,” she added.
The bank is also exploring integrating functions from external AI models directly into JPMorgan’s software solutions, expanding the potential applications of generative AI beyond simple task automation.
This strategic integration of AI is part of JPMorgan’s broader vision to streamline operations and improve service offerings through cutting-edge technologies.
