JPMorgan Chase has unveiled an advanced generative AI tool, similar to ChatGPT, designed to perform tasks typically handled by research analysts.
The new tool, named LLM Suite, which available to employees in the bank’s asset and wealth management division, is expected to assist users with writing, idea generation, and document summarization.
According to an internal memo co-signed by Mary Erdoes, CEO of JPMorgan’s asset and wealth management, Teresa Heitsenrether, chief data and analytics officer, and Mike Urciuoli, managing director, LLM Suite is described as a research analyst capable of providing information, solutions, and advice on various topics.
The memo, reviewed by the Financial Times, emphasised the tool’s integration with other internal systems managing sensitive financial data, enhancing overall productivity.
This isn’t JPMorgan’s first foray into artificial intelligence. In 2023, the bank developed an AI tool designed to analyse U.S. Federal Reserve statements and speeches to identify potential trading signals, as reported by Bloomberg. This AI tool provided analysts with insights into policy shifts, offering early alerts on trading opportunities. According to a JPMorgan economist, the initial results were promising.
JPMorgan isn’t the only player in the AI arena. Recently, Anthropic, an AI startup known for its chatbot Claude, partnered with venture capital firm Menlo Ventures to launch a $100 million fund aimed at supporting emerging AI companies. Announced on July 18, the Anthology Fund will focus on infrastructure, novel applications in healthcare and education, consumer AI solutions, trust and safety tools, and socially beneficial AI technologies. This initiative underscores the partners’ dedication to fostering a diverse and impactful AI ecosystem.
In a related development, Frankfurt-based Bitcoin mining company Northern Data AG has announced a capital increase of approximately €214 million through the issuance of 10,699,446 new shares. According to a July 15 press release, the raised funds will expand Northern Data’s cloud platform and data centres in Europe and the U.S., enhancing its high-performance computing and generative AI capabilities.
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