Artificial intelligence continues to grow in importance forJPMorgan Chase.
So much so that the technology could have its own reporting line, beyond the banking giant’s larger tech team, CEOJamie Dimonindicated Tuesday (March 12).
“Before any other major investment, it’s how are we doing on AI,” said Dimon, whose comments via video feed at the Australian Financial Review Business Summit in Sydney were reported by Bloomberg News. “You’ve gotta get it, make it part of the management conversation.”
He added that in areas like trading, with $2 trillion in securities in play each day, AI plays a major role in equity hedging.
“You couldn’t do it fast enough with the human eyes and the human fingers,” Dimon said.
As the report notes, this isn’t the first time the head of America’s largest bank haspraised AI. Last fall, Dimon predicted that the technology will someday usher in a three-and-a-half day workweek and enablelife-extending advances in healthcare.
“JPMorgan sees AI as critical to its future success, using it to develop new products, enhance customer engagement, improve productivity and manage risk more effectively,” PYMNTS wrote at the time. “The firm has advertised for thousands of AI-related roles and has more than 300 AI use cases already in production.”
As noted here last month, research by PYMNTS Intelligence in the “Generative AI Tracker®” shows an uptake of GenAI in the financial sector, especially when it comes to meeting the increasing demand for personalized customer services.
According to the study, more than 80% of financial professionals said their institutions are open to embracing GenAI, while three quarters of financial institutions (FIs) said they expect similar or greater benefits from GenAI when compared to predictive AI.
And 60% of British FIs said they were prepared to incorporate GenAI within their existing risk management strategies.
“Despite GenAI’spotential benefits, however, most consumers are still skeptical about the risks associated with the technology,” PYMNTS wrote. “As highlighted in the report, nearly 80% of consumers expressed concerns about misinformation facilitated by GenAI, particularly the technology’s potential to disseminate inaccurate content.”
Additional PYMNTS Intelligence research found that bank and FI customers are somewhat uneasy about the idea of GenAI in financial services, withmore than 70%expressing nervousness about its use in the banking sector.
See More In: AI, artificial intelligence, banking, Banks, generative AI, Jamie Dimon, JPMorgan Chase, News, PYMNTS News, Technology, What's Hot
FAQs
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What is JPMorgan ranked in AI? ›
The Jamie DImon–led firm ranked first in innovation—be it research or patents—and transparency around responsible AI activities. It ranked second in talent and leadership, leading to the top spot overall in the November 2023 ranking.
Who is head of AI JPM? ›
Manuela Veloso, PhD
Dr. Manuela Veloso is Head of J.P. Morgan Chase AI Research and Herbert A.
How much does the CEO of JPMorgan make? ›
In an SEC filing seen by Fortune, JPMorgan's board approved a compensation increase from $34.5 million in 2022 to $36 million for 2023. The salary package is made up of a $1.5 million base pay and $34.5 million in performance-based variable incentive compensation.
What company is in the lead for AI? ›
The largest AI company by market cap is Apple, followed by Microsoft, NVIDIA, and Alphabet.
Will banking be replaced by AI? ›
AI will change how businesses operate and can transform investment banking, but it won't replace bankers soon. AI may simplify tasks and improve decision-making, but investment banking relies on human perception and connections. AI may eliminate some jobs but generate others. Thus, a complete replacement is impossible.
Who is leading AI right now? ›
Largest AI companies by market capitalization
| # | Name | M. Cap |
|---|
| 1 | Apple 1AAPL | $3.346 T |
| 2 | Microsoft 2MSFT | $3.078 T |
| 3 | NVIDIA 3NVDA | $2.651 T |
| 4 | Alphabet (Google) 4GOOG | $1.837 T |
51 more rowsNvidia unveils 'world's most powerful' AI chip, the B200, aiming to extend dominance.
What is the salary of AI engineer in J.P. Morgan? ›
The average salary for an Applied AI ML Associate is ₹22,74,388 per year (estimate) in India, which is 4% lower than the average JPMorgan Chase & Co salary of ₹23,86,128 per year (estimate) for this job.
Is JPMorgan's top investment banking AI guy leaving? ›
JPMorgan's top investment banking AI guy is leaving for a long summer vacation. JPMorgan may yet replace its investment banking analysts with large language models, but when it does, Samik Chandarana will not be there to see it happen.
AI Strategy. John Giannandrea is Apple's senior vice president of Machine Learning and AI Strategy, reporting to CEO Tim Cook.
How is Morgan Stanley using ChatGPT? ›
In 2023, Morgan Stanley launched a new internal AI assistant based on OpenAI's ChatGPT technology. Called AI @ Morgan Stanley Assistant, the tool is designed to help Morgan Stanley financial advisors and support staff access and digest over 100,000 research reports.
How much does a VP at J.P. Morgan make? ›
Total salary range for J.P. Morgan Vice President
The estimated total pay range for a Vice President at J.P. Morgan is $164K–$264K per year, which includes base salary and additional pay. The average Vice President base salary at J.P. Morgan is $175K per year.
Who gets paid the most at J.P. Morgan? ›
Some of the highest wages a worker can make at J.P. Morgan are in the job titles Senior Software Engineer ($225,000), and title Senior Software Engineering Manager ($219,076) which are the highest paying jobs at J.P. Morgan.
Who is the highest paid bank CEO in the US? ›
Morgan Stanley's Gorman, who retired as CEO in January, ends his reign as the highest paid banker on Wall Street, with $37 million. Gorman recaptured the crown from JPMorgan's Jamie Dimon who only got $36 million.
What does J.P. Morgan have to do with technology? ›
J.P. Morgan is a leader in technology investment banking with a team of industry experts located in San Francisco, New York, Boston, London, Hong Kong and Singapore.
What is the salary of J.P. Morgan Applied AI? ›
The estimated total pay range for a Applied AI ML Associate at JPMorgan Chase & Co is $124K–$189K per year, which includes base salary and additional pay.
How much does J.P. Morgan pay AI researchers? ›
The average AI Researcher base salary at JPMorgan Chase & Co is $114K per year.
