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Banking analysts and equity researchers could soon find their jobs thoroughly reshaped by AI<\/a>, which could make working in finance look more like working at the CIA.\u00a0<\/p>\n JPMorgan Chase<\/a>, the world\u2019s largest bank by market cap, began rolling out to employees its own internal chatbot<\/a>, known as LLM Suite, per a report<\/a> in the Financial Times.<\/em>\u00a0<\/p>\n They were encouraged to use it for \u201cwriting, generating ideas, solving problems using Excel, summarizing documents\u201d among other things, according to an email sent by the bank.\u00a0<\/p>\n At JPMorgan, the chatbot could augment the work being done with \u201ca hybrid of human and AI analysts, very similar to how the intelligence community works,\u201d Igor Jablokov, founder and CEO of AI startup Pryon told Fortune<\/em>.\u00a0<\/p>\n JPMorgan employees got access to the chatbot in piecemeal fashion. An email sent to employees in JPMorgan\u2019s asset and wealth management division announced they would be the latest to receive access to LLM Suite. So far, it has been rolled out to roughly 50,000 of JPMorgan\u2019s 240,000 global employees, according to the Financial Times<\/em>.\u00a0<\/p>\n \u201cThink of LLM Suite as a research analyst that can offer information, solutions and advice on a topic,\u201d according to the email, portions of which were viewed by Fortune<\/em>. The memo referred to LLM Suite as a \u201cthe firm\u2019s ChatGPT-like product.\u201d<\/p>\n On Wall Street, AI has been met with both<\/a> anticipation and trepidation. The industry could be poised to reap huge profits from AI\u2019s potential, while at the same time it could be among the hardest hit by job losses<\/a> due to automation. A study from consulting firm Accenture<\/a> found bankers could have three-quarters of their daily tasks<\/a> replaced by AI. And Citigroup<\/a>, a Wall Street giant in its own right, forecasts the banking sector could lose more jobs<\/a> to AI automation than any other.\u00a0<\/p>\n That said, companies aren\u2019t stopping its integration into their day-to-day operations. As AI becomes increasingly accessible, companies are looking for ways to tailor it to their own specific needs. Financial firms in particular have been excited about the possibility of generative AI because of its ability to sift through huge amounts of data and make connections that may have otherwise gone unnoticed by humans, according to Matt Lucas, the chief technology officer of startup Stardog that recently developed its own wealth management AI tool. <\/p>\n JPMorgan\u2019s chatbot was \u201cnot surprising,\u201d he said in a phone interview. \u201cThere\u2019s definitely an appetite for introducing this type of capability inside of firms.\u201d<\/p>\n LLM Suite is not JPMorgan\u2019s only AI chatbot. The bank also has two other tools known as Connect Coach and SpectrumGPT that are specific to business tasks, rather than a general purpose tool like LLM Suite.\u00a0<\/p>\n JPMorgan declined to comment.\u00a0<\/p>\n \u201cAnytime this type of technology gets introduced, there\u2019s always the question of \u2018is this going to replace the line worker or replace the advisor?,\u2019\u201d said Lucas, who was executive director of technology at Morgan Stanley<\/a> before Stardog. \u201cI see it completely differently. It\u2019s going to make them more effective and more powerful in their role.\u201d<\/p>\n Lucas\u2019 comments belong to a popular school of thought in the current AI boom. There have been studies<\/a> from universities like MIT and Stanford pointing to the fact that employees who use AI are more productive<\/a>.\u00a0<\/p>\n But that\u2019s not to say AI won\u2019t eliminate jobs at all. A survey of business executives found that 41% of them expected workforces would shrink<\/a> because of AI. AI-pioneer Mustafa Suleiyman, cofounder of Deepmind<\/a>, said that he saw the technology<\/a> as \u201cfundamentally labor replacing.\u201d\u00a0<\/p>\n A widely cited Goldman Sachs<\/a> analysis from May 2023 estimated 300 million jobs<\/a> globally could be exposed to AI. Still, Goldman didn\u2019t say all those jobs would be eliminated altogether, instead saying most would simply be reshaped, with only a portion of their work being done by AI.\u00a0<\/p>\n \u201cMost jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,\u201d Goldman Sachs wrote.\u00a0<\/p>\n With AI, bank analysts could be able to access and synthesize far greater amounts of data, according to Alex Ratner, CEO of Snorkel, a startup that specializes in labeling enterprise data for use in large language models. Banks have long used<\/a> various forms of machine learning to both sort data and make investment decisions. However, with generative AI those capabilities will become more accessible and, crucially for rank-and-file employees, applicable to mundane everyday tasks. Indeed, a powerpoint<\/a> from JPMorgan\u2019s Investor Day in May referenced using AI tools to \u201cremove \u2018no joy\u2019 work.\u201d\u00a0<\/p>\n As workers\u2019 jobs continue to change, a common refrain is that workers are more likely to be replaced<\/a> by people adept at using AI, rather than an AI itself. Jablokov expects that jobs will change with AI, in the same way they did when computers became commonplace a few decades ago.\u00a0<\/p>\n \u201cRemember that at the dawn of the Information Age the only middle managers that lost their jobs were the ones that couldn\u2019t figure out how to use computers in their workflows,\u201d he said. \u201cIt\u2019ll be a similar form of top grading for these roles.\u201d<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n