JPMorgan Chase & Co. is making a significant move in the realm of artificial intelligence (AI) by providing comprehensive training to all new banking employees. This initiative aims to equip them with the necessary skills for an AI-driven future, a technology that CEO Jamie Dimon has compared to the transformative impact of historical inventions like the printing press and steam engine.
Mary Erdoes, the head of the asset and wealth management unit at JPMorgan, announced this strategic shift at the firm’s investor day. She highlighted the pivotal role of AI in enhancing efficiency and driving revenue growth within her division. By leveraging AI capabilities, bankers can swiftly access crucial investment information while engaging with clients, thereby streamlining processes and eliminating mundane tasks. This optimization has already resulted in significant time savings for analysts, freeing up valuable hours in their workday.
JPMorgan values the potential of AI between $1 billion and $1.5 billion, as stated by President Daniel Pinto during the event. The firm anticipates a substantial impact of AI across its workforce of 60,000 developers and 80,000 operations and call-center employees, constituting nearly half of the company’s personnel.
The integration of AI into various facets of JPMorgan’s operations was exemplified by Erdoes’ entrance on stage accompanied by a song generated using a large-language model fed with the presentation content. This symbolic gesture underscores the pervasive influence of AI within the organization.
