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JPMorgan Chase<\/a> & Co. has launched a generative artificial intelligence tool and told employees to think of it as a research analyst that can offer information, solutions and advice, according to an internal memo viewed by Bloomberg.\u00a0<\/p>\n The bank is giving \u201cmany\u201d employees in the asset and wealth-management division access to its own version of OpenAI\u2019s ChatGPT, called LLM Suite. The tool can help with writing, idea generation, problem solving using spreadsheets, summarizing documents and more, according to the memo.\u00a0<\/p>\n The product doesn\u2019t contain specific asset and wealth-management division knowledge and is meant for general-purpose productivity, it says.\u00a0<\/p>\n A spokesperson for JPMorgan declined to comment. The memo was reported earlier by the Financial Times.\u00a0<\/p>\n The document was co-signed by Mary Erdoes, head of the bank\u2019s asset and wealth management business, Teresa Heitsenrether, the bank\u2019s chief data and analytics officer, and Mike Urciuoli, the asset and wealth management unit\u2019s chief information officer.<\/p>\n JPMorgan\u2019s Chief Executive Officer Jamie Dimon, an AI proponent who likens its importance to the steam engine or the internet, said the technology will be embedded in every one of the bank\u2019s processes, including trading, research, equity hedging and customer service, in an April\u00a0episode<\/a>\u00a0of\u00a0The Circuit with Emily Chang.<\/em>\u00a0<\/p>\n The world\u2019s biggest banks have been experimenting with AI over the last year, spurred by its potential to boost staffers\u2019 productivity and cut costs. Citigroup<\/a> estimated the technology could add $170 billion to the banking industry\u2019s coffers by 2028 in a June report, but that it could displace more jobs in the sector than any other, with 54% of roles having a high potential to be automated.<\/p>\n Citigroup has\u00a0said<\/a>\u00a0it would equip its 40,000 coders with the ability to experiment with different AI technologies. The lender is also using generative AI to quickly comb through hundreds of pages of regulatory proposals.<\/p>\n\n