JPMorgan Chase & Co. is now providing artificial intelligence training to every new banking employee. This initiative is spearheaded by the firm’s Chairman and CEO, Jamie Dimon, who has compared the revolutionary potential of AI to that of the printing press and steam engine.
According to an article by Bloomberg News, earlier today, at the firm’s recent investor day, Mary Erdoes, head of the asset and wealth management division, announced that all incoming employees will receive prompt engineering training to prepare them for the future of AI. Erdoes emphasized that AI is making substantial contributions in her division by saving time and boosting revenue. She said that AI is enhancing efficiency by streamlining the process of retrieving information on potential investments during client calls and eliminating monotonous, repetitive tasks. Erdoes noted that some analysts have already saved two to four hours of their workdays thanks to these advancements.
Daniel Pinto, the financial giant’s President and Chief Operating Officer, highlighted the financial significance of this emerging technology, estimating its value to the firm at between $1 billion and $1.5 billion. AI is poised to have a profound impact on JPMorgan’s workforce, particularly its 60,000 developers and 80,000 operations and call centre employees, nearly half of the company’s total staff.
In a symbolic gesture of AI’s pervasive influence at JPMorgan, Erdoes began her presentation with the accompaniment of a song generated by feeding the slide deck into a large-language model. This underscores the extent to which AI has been integrated into the company’s culture and daily operations.
According to CNBC, on 12 March, Jamie Dimon shared his views on Bitcoin and artificial intelligence at the Australian Financial Review Business Summit.
Dimon, known for his critical stance on Bitcoin, remained skeptical about its practical uses. He suggested that much of Bitcoin’s usage is tied to illicit activities. Nonetheless, he defended the right to purchase Bitcoin, stating, “I don’t know what the bitcoin itself is for, but I defend your right to smoke a cigarette, I’ll defend your right to buy a bitcoin. I won’t personally ever buy a bitcoin.”
CNBC also highlighted Dimon’s comments on artificial intelligence (AI) and its role at JPMorgan. He revealed that the bank employs 2,000 people working on 400 AI technology use cases. Dimon mentioned that he personally uses AI at home to summarize books he doesn’t have time to read.
In an interview with CNBC’s Leslie Picker at J.P. Morgan’s 2024 Global Emerging Markets Corporate Conference (26-28 February 2024) in Miami, Dimon emphasized his strong belief in AI’s revolutionary impact, stating that it is not just hype but a real game-changer. He contrasted current AI advancements with the late 1990s tech bubble, noting that AI’s practical applications are already being implemented within JPMorgan. The firm’s dedication to AI is demonstrated by its team of over 200 researchers who are investigating the potential of large language models to drive innovation in areas like cybersecurity and pharmaceutical research.
