JPMorgan Chase to Train New Hires in AI

TapTechNews May 20th news, one of the largest financial services institutions in the US, JPMorgan Chase & Co., will have all new hires undergo (go through) artificial intelligence (AI) training to deal with this disruptive technology that CEO Jamie Dimon analogizes to the printing press and the steam engine.

All employees joining this year will receive 'prompt engineering' training to prepare for the coming AI era, Mary Erdoes, head of JPMorgan's asset management division, said at an investor conference held on Monday.

Ms. Erdoes pointed out that AI is playing two major roles in her department: saving time and increasing revenue. Through AI, bankers can quickly access potential investment information when talking to clients, thus reducing the previous cumbersome information search process. In addition, AI can also eliminate repetitive and mechanical work, which has already saved some analysts 2 to 4 hours of work time every day.

JPMorgan's president, Daniel Pinto, said at the event that they expect this emerging technology to bring $1 billion to $1.5 billion in benefits, and AI will have a very, very big impact on the company's 60,000 developers and 80,000 operations and call center employees (TapTechNews note: accounting for nearly half of the company's employees).

Interestingly, when Ms. Erdoes walked up to the podium, she played a song, which she said was generated by inputting the presentation into a large language model, demonstrating that AI has quietly permeated all levels of JPMorgan.