New AI assistants from Wall Street firms, like JPMorgan and Morgan Stanley, are projected to create billions of dollars in value.
Say goodbye to the research analysts.
The largest financial services firms are launching generative AI applications that could save advisors hundreds of hours of time, create billions of dollars in value for firms, and yes, maybe even take over the role of the team’s favorite junior analyst. JPMorgan Chase is the latest Wall Street bank to unveil artificial intelligence tools aimed at making advisors’ lives easier. Executives of the firm told employees the chatbot, called LLM Suite, can help with writing and summarizing documents, and can be used in place of analysts, according to an internal memo reviewed by the Financial Times.
Head of asset and wealth management Mary Erdoes said in May that every new hire will have extensive AI training, and that the tools are already saving analysts two to four hours of their workdays. CEO Jamie Dimon told investors that AI will reshape every single job on the planet, while president and COO Daniel Pinto said the technology has already produced some $1 billion to $1.5 billion in value for the firm. Now, if it could just pick up the dry cleaning.
Written by Sean Allocca for The Daily Upside.
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