Jpmorgan Chase BluePrint to become the first Migaban bank in which Amnesty International is fully operated

In the depths of the intestine Jpmorgan Chase’s Data centers and cloud service providers, an important artificial intelligence program for the bank’s aspirations, is increasing by the week.

The program, called LLM suiteIt is a portal created by the bank to harness large language models from leading startups in the world. Currently use models from Openai and man.

Every eight weeks, LLM Suite is updated where the bank feeds it more than wide databases and software applications for its main companies, giving the platform more capabilities, Derek and DronJPMorgan, head of data analysis, told CNBC in an exclusive interview.

And Al -Daroun said: “The wide vision that we are working on is the vision in which the future chase of the future will be an institution that is fully connected to artificial intelligence.”

Jpmorgan, the largest bank in the world by market value, is “mainly re -delivered” for the next artificial intelligence era, according to Waldron. The bank, which is a heavy weight across the main street, Wall Street, wants to provide every employee of artificial intelligence agents, automating every behind the scenes and that each customer experience is coordinated with Concierges AI.

If this effort succeeds, the project may have profound effects on bank employees, customers and shareholders – even the nature of the companies ’work itself.

Waldron, who presented CNBC, showed the first demonstration of the artificial intelligence platform in any strange person, that the program creates a surface for investment banking services in about 30 seconds, would have taken a team of novice bankers in the past.

Since the arrival of Openai’s Chatgpt In late 2022, optimism for the Impact intelligence pushed the markets to the highest gains from technology giants and chip makers closest to trade. Supporting their growth is the expectation that customers of companies who spread artificial intelligence either enhance workers ’productivity or low expenses through workers’ layoffs – or both.

But, like how the Internet story was shown in the 1990s, the expectations close to artificial intelligence have surpassed reality. Most companies have not yet tangible returns on artificial intelligence projects despite more than $ 30 billion in collective investments, according to what he said. With the report From July.

In the case of JPMorgan, even with an annual technical budget worth $ 18 billion, it will take years until the company realizes the potential of artificial intelligence by sewing the cognitive power of artificial intelligence models with bank ownership and programs, Walron said.

And Al -Daroun said: “There is a valuable gap between what technology can capacity and the ability to fully capture it inside the institution.”

He said, “Companies are working with thousands of different applications. There is a lot of work to link these applications with an environmental system for Amnesty International and make them consuming.”

If Jpmorgan managed to overcome other banks of the punch to integrate artificial intelligence, you will enjoy a period of higher margins before catching the rest of the industry. This first feature of the engine will allow it to increase revenues faster by following a larger segment of the processed market in the field of global finance-which allows the bank to display more medium market companies in investment banking services, for example.

Amnesty International was a major topic in a four -day executive decline held by the CEO of JPMorgan in July Jimmy DamonAccording to a person who attended, but he refused to determine his identity on the private event.

Among the concerns discussed at the meeting outside the site, which was held in a resort outside Nashville, how the changes driven by artificial intelligence will be adopted by the bank’s workforce with a cost of 317,000 people and its potential effects on a vocational training model in areas that include investment banking services.

If Jpmorgan succeeds in the targets of artificial intelligence, this means that the bank, which is already larger and more profitable in American history, has been appointed to new altitudes. Damon has led the bank since 2005, as it was directed during periods of turmoil to achieve record profits in the past ten years.

The final status of JPMorgan, as depicted by Waldron, is a future in which artificial intelligence is weaved in the company’s fabric:

He said: “Every assistant employee will have his own from artificial intelligence; every process is supported by artificial intelligence agents, and every agent of her Conserge International International.”

Jpmorgan I laid the foundation For this starting in 2023, when employees were given access to Openai’s models through LLM Suite; Corporation’s ChatGPT tool was used to formulate emails and summarize documents.

And Al -Daroun said that about 250,000 employees at JPMorgan can reach the platform today, which is the entire workforce except for the branch employees and the call center. He said that half of them use it almost every day.

JPMorgan is now early in the next stage of its AI scheme: I started publishing Artificial intelligence agent To deal with the complex multi -steps for employees, according to an internal road map provided by the bank.

“When these agents become increasingly strong in terms of their abilities of artificial intelligence and are increasingly associated with JPMorgan, they can assume more and more responsibilities.”

He gave the program, “You are a technical banker at JPMorgan Chase Nafidia. Prepare a five -page presentation that includes the latest news, profits and comparison of peers. “

Llm Suite created a credible PowerPoint surface in about 30 seconds.

“You can imagine in the past how this would have been done; we had teams of investment bank analysts working for long hours at night to do this,” Waldron said.

The person who attended the executive meeting in July said that the bank is also training artificial intelligence to formulate other major investment documents, including “thick” secret notes produced by JPMorgan for potential integration and purchase customers.

The possibility of collapse of work loads means that there may be a need for fewer young bankers even while the teams that are enabled deal with more work and photograph more companies, according to the senior executives in Wall Street in many companies that spoke on the condition of anonymity to provide their explicit ideas.

But to extract the full value of this magical new technology, not only related to tools: changes may be needed in how employees and departments are organized.

One of the suggestions discussed in one of the main investment banks reduces the percentage Young bankers For senior managers from 6-1 to 4-1 this. In the new system, half of these young bankers used to work from cheaper cities, says Bangaluru, India and Bueens Aires, Argentina, instead of collecting expensive New York.

The novice banks with the same AI can work on deals in seizures around the clock, passing by the lottery from one time to time to another.

Executive officials said the cost structure of investment banking services with fewer bankers on salaries will decrease, which enhances the end result.

In May, the head of banking services for consumers at JPMorgan told investors that operating staff would fall At least 10 % In the next five years thanks to the spread of artificial intelligence.

“In the world of Amnesty International, you still have people at the top who run and have relationships with clients, but many of the operations under it are now performed by SI Systems,” said Waldron.

Despite the concerns related to the market that the artificial intelligence trade is a fermentation bubble, companies agents are actually more concerned now after they have not started adopting it soon, they will leave them and lose a share Grandfather JeserDebevoise & PLIMPUTON partner who advises companies on issues on artificial intelligence.

“People are starting to see what these tools could do,” Jesser said. “They are somewhat like, Wow, if you get the workflow properly, and do it properly and you have the right handrail, I can see how it will save you a lot of time and a lot of money and offer a better product.”