JPMorgan's AI Chatbot to Replace Research Analysts ??

JPMorgan recently launched its own AI chatbot, LLM Suite, providing 50,000 employees (about 15% of its workforce) in its asset and wealth management division with a platform for writing, idea generation, and document summarisation. This rollout marks one of the Wall Street’s largest LLM deployments.?

With over 300 AI use cases in production and more than 2,000 data scientists and ML engineers , the company is using AI to revolutionise finance, following its earlier AI initiatives, such as IndexGPT and an AI model analysing Federal Reserve communications.?

JPMorgan Chases GenAI?

According to AIM Research , JPMorgan is aggressively hiring in AI, offering competitive salaries for its ~75 open positions. The company is paying between $129,250 and $195,000 annually for roles like applied AI/ML senior associate, depending on location and experience.

Earlier this year, JPMorgan’s AI team published a paper on DocGraphLM , a new tool for document analysis. DocGraphLM enhances information extraction (IE) and question-answering (QA) for complex documents by integrating pre-trained language models with graph semantics. It features a joint encoder architecture and an innovative link prediction method for reconstructing document graphs.

Building on this, the bank also introduced DocLLM, a generative language model designed for multimodal document understanding. DocLLM stands out as a lightweight extension to LLMs for analysing enterprise documents, spanning forms, invoices, reports, and contracts that carry intricate semantics at the intersection of textual and spatial modalities.

Furthermore, it has also launched FlowMind , a system that uses LLMs to automate workflow generation.?

OpenAI of Finance??

The bank developed its proprietary LLM platform internally because its employees are prohibited from using consumer AI chatbots such as OpenAI’s ChatGPT, Anthropic’s Claude, or Google’s Gemini. Strict regulations in the financial sector require that client data remain within secure, in-house servers.

With numerous open-source models available, such as Llama 3.1 and Mistral Large 2, which rival OpenAI's GPT-4o, financial institutions now have the flexibility to develop their own AI models rather than relying solely on OpenAI’s APIs.

“AI is real. We already have thousands of people working on it, including top scientists around the world like Manuela Veloso from Carnegie Mellon Machine Learning,” said JP Morgan chief Jamie Dimon, adding that AI is already a living, breathing entity.

“It’s going to change, there will be all types of different models, tools, and technologies. But for us, the way to think about it is in every single process—errors, trading, hedging, research, every app, every database—you’re going to be applying AI,” he predicted. “It might be as a copilot, or it might be to replace humans.”

Dimon is convinced that AI might replace some jobs as well. “What AI’s gonna do is know more about you, learn more about you, look at patterns, and look at successful things in the past. AI will be a huge aid to things like that,” he said.

What about the Others??

Goldman Sachs plans to complete the rollout of its initial generative AI tool for code generation to thousands of developers across the company. Its generative AI platform, the GS AI Platform, evolved from an existing machine-learning system and serves as the central hub for all generative AI initiatives at the company.?

Goldman has partnered with Microsoft, an OpenAI-backer, to utilise GPT-3.5 and GPT-4 models, and with Google for its Gemini model. The platform also incorporates open-source models such as Meta’s Llama.?

Meanwhile, Citigroup provided its 40,000 coders with access to generative AI . For example, when federal regulators released 1,089 pages of new capital rules for the US banking sector, Citigroup used generative AI to meticulously review the document.

Wells Fargo has integrated generative AI into its virtual assistant, called ‘Fargo ’, to enhance customer interactions. The AI-driven assistant can answer queries, provide account information, and assist with transactions in a conversational manner. The app, built on Google Dialogflow and utilising Google’s PaLM 2 LLM, was launched only recently.

Morgan Stanley also recently launched its second generative AI application for financial advisers, opting for in-house solutions instead of pre-built tools from AI startups. The new application, AI @ Morgan Stanley Debrief, is designed to summarise video meetings and create follow-up email drafts.

Check out the full story here .?

Llama 3.1 vs GPT-4o

Since Meta released its new model, Llama 3.1 405B , the tech world has been buzzing with excitement. After a leak of Llama 3.1, Meta officially launched the Llama 3.1 405B, an advanced open-source AI model, along with its 70B and 8B versions. The Llama 3.1 model is reported to outperform GPT-4o. Check out the full story here.?

AI Bytes

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• Amazon Web Services (AWS) has launched the AWS GenAI Loft in Bengaluru. It’s a two-week pop-up running from July 29 to August 9, as part of a global initiative to promote generative AI.?
• Karya has partnered with Microsoft Research to evaluate LLMs across 10 Indian languages, involving over 90,000 human assessments in under three weeks, making it one of the largest multilingual human evaluations of LLMs to date.JPMorgan's AI Chatbot to Replace Research Analysts ??