JPMorgan Chase has discreetly launched LLM Suite, an in-house generative AI tool aimed at supporting employees, especially in asset and wealth management. This ChatGPT-like system can write, brainstorm ideas, and condense documents.
Widespread Use in Finance
LLM Suite is considered one of the largest deployments of large language models in finance. The tool has been made available to around 50,000 employees, accounting for roughly 15% of the bank's staff. Although the company has not shared detailed information, LLM Suite is believed to be among the most extensive uses of large language models within the financial sector.
Industry-Wide Trend
This initiative aligns with broader trends in the banking industry. For instance, Citigroup has previously estimated that AI could automate as much as 54% of jobs in banking. As AI technology progresses, financial firms are increasingly investigating how to harness its capabilities to boost efficiency and productivity.
