(Bloomberg) -- JPMorgan Chase & Co.’s ongoing adoption of generative artificial intelligence has augmented, not replaced, jobs so far, according to Teresa Heitsenrether, who oversees the firm’s AI efforts.
“What we’re seeing so far is certainly not that there’s no need for this particular job,” Heitsenrether, JPMorgan’s chief data and analytics officer, said Thursday at the Evident AI Symposium. “Where we have live use cases with generative AI, it’s in places like our asset- and wealth-management group where we are making our bankers more effective.”
Bankers use the technology to summarize research and prepare for meetings, ultimately freeing up more time to spend with clients, Heitsenrether said. She took on her current role last year, and JPMorgan has been pouring money into AI — which longtime Chief Executive Officer Jamie Dimon has said could be as transformational as the steam engine.
Daniel Pinto, the firm’s president, said in September that JPMorgan expects to see a $2 billion benefit tied to AI, much of that linked to fraud prevention. Large language models will have an impact in the “medium to long term,” Pinto said.
Investors, meanwhile, have sought to quantify the impact of the technology. Also Thursday, Capital One Financial Corp.’s chief scientist and head of enterprise AI, Prem Natarajan, cautioned against focusing too much on individual use cases: “I really think the hype is a focus the use cases, and not on what’s required to enable them to be practiced at scale,” he said.
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