Dive Brief:
- JPMorgan Chase is adding prompt engineering training to the onboarding process for new hires within its asset and wealth management department, the bank said last week during an investor call.
- The firm has increased required training hours by around 500% from 2019 to 2023, according to Mary Erdoes, CEO of the bank's asset and wealth management division. JPMorgan also added Python to its set of core skills a couple of years ago, Erdoes said.
- The company also rolled out a large language model in recent weeks called ChatCFO for finance teams, Erdoes said. Another AI tool allows employees to query a model meant to respond as Michael Cembalest, current chairman of market and investment strategy within the asset management division.
Dive Insight:
JPMorgan has steadily increased its attention to AI, hiring a C-suite member to helm the efforts last summer and mentioning the technology more frequently in company updates. But along the way, executives have emphasized the bank’s pragmatic and disciplined approach to AI.
“We’ve been investing in artificial intelligence for a number of years now and we have seen some progress,” Pinto said during the investor presentation. “Roughly the value that we assign to our artificial intelligence use cases is around between $1 billion to $1.5 billion.”
JPMorgan Chase is embedding AI across customer personalization, trading, operational efficiencies, fraud and credit decisions. President and COO Daniel Pinto said large language models will have an especially large impact on the company’s 60,000 developers and 80,000 call center and operation workers, representing nearly half of JPMorgan’s total workforce.
“All this is great,” Pinto said. “But if we don't manage our risks and assign our resources efficiently, it really doesn't matter.”
The company has migrated around 70% of its data to the cloud, but CFO Jeremy Barnum said that “is not the same as having it be modernized and usable for AI and ML, so there’s work to do there still.”
JPMorgan aims to have 75% of its data migrated by the end of the year, according to an annual letter to shareholders in April. Cloud, a facilitator of AI progress, is key to the banking giant’s strategy. At the time, the company had more than 400 AI use cases in production.
