What the world’s biggest bank is doing in gen AI

JPMorgan Chase’s huge tech spending is renowned in banking. Euromoney speaks to the firm’s chief data and analytics officer Teresa Heitsenrether about how the bank is using large language models differently from other banks, and what the future holds for generative AI.

November 28, 2024

JPMorgan Chase has a technology budget to match its status as the largest bank by market capitalisation: $17 billion for 2024. But its tech prowess is not just a question of budget size, but rather where that money goes. As generative AI becomes a major driver of banks’ share prices, especially in the US, it is also an increasing focal point for dollar spent.

Spying future advantages, banks are anxious to get ahead in AI. Not least JPMorgan, which is the foremost bank in the field, according to the latest Evident AI Index ranking.

JPM’s AI strategy in numbers:

$17 billion tech budget for 2024

$2 billion in business value generated via AI

c.200,000 employees with access to LLM Suite

This is not just related to its absolute scale, but also the size of investment relative to the bank, according to Alexandra Mousavizadeh, Evident’s co-founder.

What the world’s biggest bank is doing in gen AI

JPMorgan Chase’s huge tech spending is renowned in banking. Euromoney speaks to the firm’s chief data and analytics officer Teresa Heitsenrether about how the bank is using large language models differently from other banks, and what the future holds for generative AI.

JPM’s AI strategy in numbers:

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