Wall Street bank among first in the sector to adopt the technology widely as global lenders reshape workforces around AI
JPMorgan is implementing AI tools across its investment banking business globally, the bank’s Asia investment banking head said on Thursday, making it among the first in the sector to adopt the technology widely.
“We are in the early phase adopting AI tools throughout our investment banking business globally but are excited by the developments,” Paul Uren, JPMorgan’s Asia Pacific head of investment banking, told Reuters.
Global banks are increasing investment in AI, reshaping their workforces and driving changes in job roles. Earlier the same day, JPMorgan CEO Jamie Dimon told Bloomberg News that the bank would hire more AI specialists and fewer traditional bankers. The comments follow rival Standard Chartered’s move to cut nearly 8,000 staff by 2030 as it expands its use of AI.
“Our AI tools enable us to access more information and quickly synthesize it with our internal systems,” Uren said, without specifying which AI tools bankers were using.
“We’re finding that AI streamlines the preparation of content and materials, as well as helping bankers engage with more clients more efficiently,” he added.
JPMorgan is among select organizations permitted by AI startup Anthropic to use its Mythos cybersecurity model under the company’s controlled “Project Glasswing” initiative. According to Anthropic, Mythos is capable of detecting decades-old vulnerabilities in web browsers, infrastructure and software — a capability that has raised concerns among cybersecurity experts that it could enable more sophisticated cyberattacks, posing a risk to a banking industry reliant on legacy technology.
Apart from JPMorgan, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley have access to, or are testing, Mythos, Reuters reported, citing sources and company executives.