JPMorgan is set to provide AI training for all new employees as part of its strategy to establish itself as a leader in artificial intelligence.
During the bank’s investor day, Mary Erdoes, head of the asset and wealth management division, announced, “This year, everyone coming in here will have prompt engineering training to prepare them for the AI of the future.” Company president Daniel Pinto emphasized that the technology will have a significant impact on the bank’s workforce of 60,000 developers and 80,000 operations and call-center employees.
In his April letter to shareholders, JPMorgan CEO Jamie Dimon compared the emergence of AI to the invention of the printing press and the steam engine. He stated, “In the future, we envision GenAI helping us reimagine entire business workflows,” highlighting the technology’s potential to enhance almost every job.
JPMorgan currently employs over 2,000 AI and machine learning experts and data scientists, contributing to more than 400 applications of AI in fields such as marketing, fraud detection, and risk management. Recently, the bank announced its utilization of OpenAI’s GPT-4 model to create various thematic investment baskets. This process involves identifying keywords related to themes and using a natural language processing model to analyze news articles for relevant companies.
A study by Evident revealed that JPMorgan has steadily increased its share of AI research output from 30% in 2018 to 45% in 2023, fueled by substantial investments in AI talent. The bank boasts over 200 AI researchers, significantly outpacing its nearest competitor, Royal Bank of Canada, and accounting for nearly half of the available talent pool among the top 10 banks for AI research.
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