JPMorgan Chase is training new hires to harness the expanding potential of artificial intelligence as the bank solidifies its position as a front-runner in the field.
Providing AI Training For New Hires
Mary Erdoes, head of JPMorgan Chase's asset and wealth management division, mentioned at the bank's investor day on Monday that this year, all new hires will undergo prompt engineering training to prepare them for the future of AI, as reported by Bloomberg.
At the event, company president Daniel Pinto emphasized that the technology will have a very big impact on the bank's workforce, which includes 60,000 developers and 80,000 operations and call-center employees, comprising nearly half of the company's total headcount.
JPMorgan Leading The Way in AI Adoption
As the largest U.S. bank by assets, JPMorgan Chase has been leading the way in AI adoption within the banking industry. The bank hired its head of AI research in 2018 and has consistently ranked first in both of Evident's AI Index reports, which assess the progress of the world's 50 largest banks as they integrate and advance AI technology.
According to Evident, JPMorgan currently leads in AI talent volume, boasting nearly six times more AI staff than the average bank, which employs 11.5% of all existing AI talent within the banking industry. Erdoes stated that JPMorgan bankers have minimized time spent "hunting and pecking" by utilizing AI to retrieve information on potential investments, thereby expediting their decision-making process. This implementation has reportedly saved some analysts between two to four hours of work daily.
In a letter to shareholders last month, JPMorgan CEO Jamie Dimon likened the potential impact of AI to that of extraordinary and possibly transformational innovations such as the printing press, the steam engine, electricity, computing, and the Internet, among others. Dimon noted that JPMorgan has significantly expanded its AI organization over the past year. Now, it boasts over 2,000 AI and machine learning (ML) experts and data scientists, more than double the 900 reported the previous year. The bank has also implemented over 400 use cases in production across various areas, such as marketing, fraud detection, and risk management.
Providing AI Training to Keep Up with The AI Environment
Dimon wrote that although JPMorgan is investing more in its AI capabilities, many of these projects are self-sustaining. He also stated that over time, AI has the potential to enhance almost every job and influence the composition of the workforce. While it may diminish certain job categories or roles, it could also create new ones.
As previously highlighted, numerous technology firms have established a task force focused on readying the workforce for the AI era. PYMNTS noted that with AI revolutionizing various industries and job roles, there's a recognized urgency to provide employees with training in skills crucial for success in AI-driven environments.
