AI At JPMorgan Chase--Breadth, Depth And Change

Most large banks in the US are pursuing AI fairly assiduously, but JPMorgan Chase stands out for the depth of its commitment to the technology, the breadth of projects it has adopted, and the focus on driving actual business change from its AI initiatives. The Bank, the largest in the US and 6th largest in the world in terms of total assets, has AI projects or production applications in all the usual areas of banking: risk, fraud prevention, marketing, investment banking, wealth management advice, trading, back office automation, and customer engagement (particularly in the corporate banking area thus far). But JPMorgan Chase distinguishes itself from other banking firms in its level of investment, its hiring of AI academic stars, and its coordinated approach to the management of AI and analytics. JPMorgan Chase spends $11 billion a year on technology, and about half of that amount is devoted to research on new and emerging technologies. Its research investments cover a wide variety of domains, including investments in AI startups and AI-based hedge funds.