JPMorgan Chase has introduced an innovative approach to its year-end performance review process by allowing employees to utilize the bank’s proprietary AI system. According to a report by the Financial Times, staff members can leverage the bank’s large language models (LLMs) to assist in drafting their reviews based on specific prompts. The bank emphasizes that while AI can serve as a useful starting point, ultimate responsibility for the final submissions lies with the employees.
With a workforce exceeding 300,000, JPMorgan is optimistic that this technology will significantly reduce the time spent on writing reviews. The bank launched its version of ChatGPT, known as the LLM Suite, last year, successfully onboarding 200,000 users within just eight months.
In a recent interview with Bloomberg, CEO Jamie Dimon disclosed that JPMorgan Chase allocates $2 billion annually towards AI development, a strategic move that has already yielded savings of a similar amount for the institution.