JPMorgan Chase is creating a plan for the first fully AI-driven big bank. Inside the bank's data centers, an AI system named LLM Suite is changing how the largest bank in the world works. This platform connects the bank's huge amount of data and software tools and gets updated every eight weeks. The aim is to make JPMorgan a bank that is completely connected to AI, according to Derek Waldron, the Chief Analytics Officer.
The bank wants every worker to have their own AI helper, every task to be done by AI agents, and every customer to be helped by an AI assistant.
Right now, about 250,000 employees use this system every day to write documents, look at data, and even create investment plans quickly - jobs that used to take hours. The next step is to have AI that can do more complex tasks on its own, step by step.
However, this change also brings challenges.
JPMorgan thinks AI could cut the number of people working in operations by 10% in five years, but it will also make things more efficient and increase profits. As AI handles simple tasks, people's jobs are changing from doing things themselves to checking and making sure the AI is doing it right. Still, Waldron says the goal is not to replace people, but to change how the bank works - making a new kind of bank where humans and AI work together to change the finance world.
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