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JPMorgan Chase has given employees the option to use its in-house artificial intelligence system to help write year-end performance reviews, underscoring how AI-generated text is proliferating in corporate America.\u00a0<\/p>\n
The tool allows employees to use the US bank\u2019s large language model to generate a review based on prompts they give it, according to people familiar with the matter.\u00a0<\/p>\n
It is a shortcut to the often painstaking process of writing multiple reviews that are typically required by large companies. <\/p>\n
The rollout highlights some of the potential efficiency gains from using AI, which are often based on synthesising information and generating ideas.\u00a0But it also shows how lines are becoming increasingly blurred between text that has been written by a human and by a machine<\/a>.\u00a0<\/p>\n Boston Consulting Group recently said that employees had used AI tools to help draft performance reviews which helped cut the writing time by 40 per cent.\u00a0<\/p>\n JPMorgan\u2019s guidance is that employees use the LLM tool as a starting point for reviews and that they are ultimately responsible for what is submitted. It is not to be used for compensation decisions.\u00a0<\/p>\n JPMorgan declined to comment.\u00a0<\/p>\n JPMorgan, which has more than 300,000 employees and is the largest US bank by assets, has already rolled out LLM Suite to staff, which is its own version of OpenAI\u2019s ChatGPT.\u00a0<\/p>\n The bank said it had \u201conboarded\u201d 200,000 users within eight months of LLM Suite\u2019s launch last year<\/a>. At the time, it was seen as one of Wall Street\u2019s biggest AI deployments. <\/p>\n LLM Suite was developed in-house to provide secure access to third-party AI systems. It is used by JPMorgan\u2019s software developers to review code and by investment bankers preparing presentations. Its legal team also uses homegrown AI tools, for example to review contracts. <\/p>\n Among banks, JPMorgan is the biggest spender on technology with plans to invest $18bn in 2025. Chief executive Jamie Dimon told Bloomberg TV this month that it spent $2bn a year on AI.\u00a0<\/p>\n \u201cIt affects everything \u2014 risk, fraud<\/a>, marketing, idea generation, customer service. And it\u2019s the tip of the iceberg,\u201d Dimon said.\u00a0<\/p>\n He has said that AI was \u201cgoing to change every job\u201d, eliminating some roles and creating others.\u00a0<\/p>\n