Synopsis
JPMorgan is widely implementing AI tools across its global investment banking operations, signaling a significant shift in the sector. The bank plans to hire more AI specialists and fewer traditional bankers, a move mirroring industry trends. AI is streamlining content preparation and enhancing client engagement for bankers.Listen to this article in summarized format
Global banks are increasing investment in AI, reshaping their workforce and leading to changes in job roles.
Earlier in the day, JPMorgan CEO Jamie Dimon told Bloomberg News that the bank would hire more AI specialists and fewer traditional bankers, following rival Standard Chartered's move to cut nearly 8,000 staff by 2030 as it boosts the use of AI.
"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.
The Wall Street bank is among select organizations permitted by startup Anthropic to use its powerful Mythos cybersecurity model under its controlled "Project Glasswing" initiative.
Mythos, according to Anthropic, is capable of detecting decades-old vulnerabilities in web browsers, infrastructure and software. That sparked fears among cybersecurity experts that it could supercharge more sophisticated cyberattacks, posing a risk to the banking industry reliant on legacy technology.
"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."
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.
