Every new hire will receive AI training, JPMorgan says amid tech boom

By Hannah Levitt

JPMorgan Chase & Co. is immersing new hires in artificial intelligence training, preparing them for a technology that Chief Executive Officer Jamie Dimon has likened to the impact of the printing press and the steam engine.

“This year, everyone who comes in here will receive rapid technical training to make them ready for the AI ​​of the future,” Mary Erdoes, who heads the asset and wealth management division, said of her unit’s efforts at the Investor Day company Monday. .

Erdoes said AI helps her division on two fronts: time savings and revenue growth. The company reduces the time spent on “hunting and pecking,” she said, by allowing bankers to request certain information about potential investments while customers are on the phone. It also eliminates ‘work without pleasure’ by eliminating repeatable, routine tasks. According to Erdoes, this has already saved some analysts two to four hours of their working day.

JPMorgan views the emerging technology as being worth between $1 billion and $1.5 billion, President Daniel Pinto said at the event. AI will have a “very, very” big impact on the company’s 60,000 developers and 80,000 operations and call center employees – almost half of the company. Dimon said Monday that AI will change every job.

“We don’t have to debate its importance anymore, it’s important,” Dimon said. In April, he said AI might be the biggest problem his bank is grappling with. He compared its impact to the internet, electricity and computers.

Chief Financial Officer Jeremy Barnum said technology spending this year will be about $17 billion.

In a nod to the way AI has permeated all aspects of life at JPMorgan, Erdoes walked to the stage accompanied by a song that she said was generated by inputting the slide deck into a large language model.

First print: May 21, 2024 | 8:05 am IST