JPMorgan Chase has launched a new AI assistant called LLM Suite, providing over 60,000 employees with access to this advanced tool. Developed by the makers of OpenAI, the LLM Suite utilizes various large language models (LLMs) to assist in summarizing documents, translating text, predicting outcomes, and generating content. This move aims to integrate AI into everyday operations at JPMorgan, much like the widespread use of Zoom within the company.
The rollout of LLM Suite marks a significant shift from JPMorgan’s previous stance, where it had banned the use of ChatGPT among employees due to data privacy concerns. This restriction, imposed in February 2023, was based on fears that sensitive data might be used to train external models.
Now, JPMorgan has developed a solution that allows them to harness the power of AI while maintaining control over their proprietary data. Teresa Heitsenrether, the bank’s chief data and analytics officer, emphasized that the new system ensures data protection while leveraging AI capabilities effectively.
JPMorgan Chase’s stock showed a modest increase of less than 1% to $205.24 as of 10:30 a.m. ET on Friday, reflecting a 20% rise in shares this year.
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