The nation’s biggest bank is putting a lot of effort toward making sure it’s an early mover in AI, with the help of a nearly $20 billion annual technology budget. Dimon has previously said he’s out to win the AI arms race, and he thinks JPMorgan’s $2 billion AI investment has already matched its cost in savings.
The firm is keeping close tabs on how its tens of thousands of engineers are using AI, Business Insider reported. One dashboard tracks how much developers use GitHub Copilot and classifies them into “light,” “heavy,” or “non” users. The bank has also updated objectives for its engineers, who are now expected to “drive excellence” by adopting AI, according to posts on the company intranet.
In July, the firm’s AI chief, Teresa Heitsenrether, announced her retirement after four decades at the bank, reshuffling technology leadership. JPMorgan said at the time that it was restructuring its firmwide chief data and analytics office as it transitions from focusing on AI infrastructure to business initiatives. JPMorgan reorganized its commercial and investment bank in February to “maximize the impact of AI,” according to an internal memo reviewed by Business Insider. Each major business in the division now reports to Guy Halamish, the newly named chief operating officer of the CIB.
Dimon said on a second-quarter earnings call that his bank already has almost 1,000 use cases, from fraud protection to marketing to note-taking. The bank has rolled out its proprietary genAI platform to more than 200,000 employees — seeking to reengineer workflows for everyone from coders to portfolio managers.
The bank’s AI efforts are impacting those beyond its immediate workforce. JPMorgan Chase’s asset management unit announced plans to discontinue a long-held practice of using external proxy advisors for shareholder voting in the US this year. In place of external human advisors, the firm is launching an in-house AI platform, called Proxy IQ, to support shareholder decisions.
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