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JPMorgan Chase is reportedly allowing its more than 300,000 employees to use the bank’s internal artificial intelligence (AI) system to help draft year-end performance reviews.
The US bank has made its in-house large language model (LLM) available to staff to generate initial review text based on prompts they provide, Financial Times reported, citing people familiar with the matter. The report said that this will offer a shortcut to the often time-consuming process of writing detailed performance assessments. JPMorgan, the largest US bank by assets, has issued clear guidance on the new tool's usage:
- Employees must use the LLM as a starting point for reviews.
- Employees are ultimately responsible for the final content submitted.
- The tool is not to be used for compensation decisions.
The new feature is part of the bank's wider internal AI platform, called LLM Suite, which is its own version of a secure, internal chatbot akin to OpenAI's ChatGPT.JPMorgan launched LLM Suite last year and has since "onboarded" 200,000 users, making it one of the largest AI deployments on Wall Street. The system was developed in-house to provide secure access to third-party AI systems and is already used by the bank's legal teams to review contracts, by software developers to review code, and by investment bankers for preparing presentations.JPMorgan's move follows a similar adoption by consultancies; Boston Consulting Group (BCG) recently reported that employees using AI tools to help draft reviews cut their writing time by 40%.
Recently, BCG Global Chief Al Ethics Officer Steven Mills said that the key to unlocking Al's workplace potential lies in hands-on employee training – something most companies are failing to provide. He said that employees want about five hours of hands-on training, coaching, and mentoring.
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