JPMorgan is making strides in the use of AI for economic analysis and has recently developed a model using ChatGPT to analyse 25 years’ worth of Fed speeches and assign them a “Hawk-Dove” score. According to Bloomberg, these scores are starting to be plotted against asset performance to predict upcoming policy changes and be useful in trading decisions. JPMorgan economists aired their optimism with the AI technology by saying that “preliminary applications are encouraging” and look to expand the model’s coverage to include the European Central Bank and the Bank of England with more central banks likely to follow.
ChatGPT has huge potential applications in the financial sector but JPMorgan, like other firms, have been wary of its use due to potential issues such as bias, accuracy, and complex regulation adapting to the technology. The company’s CEO, Jamie Dimon, has also mentioned that the firm is restricting employee use of ChatGPT. Despite this, Dimon has labelled the technology as “extraordinary and groundbreaking” and admitted that the bank has over 300 AI cases in production.
JPMorgan Chase is one of the world’s biggest and foremost financial services companies, operating in more than 100 countries and providing numerous services from asset management, investment banking, retail banking, and corporate banking. JPMorgan has a well established and solid foundation, with a proven track record of over 200 years.
Jamie Dimon is the Chairman, President, and CEO of JPMorgan. He has been at the helm of the firm since 2006, credited with many successes such as restoring the company’s financial health after the financial crisis and more recently being one of the leaders in the financial sector’s introductions of new technologies. He was named one of the “World’s Best CEOs” by Barron’s in 2019.
