JPMorgan Curbs Use of AI-Powered ChatGPT by Staff

Chatt GBT has arrived on Wall Street and JP Morgan according to one of our stories is restricting the use of that chatbot from its staff by its staff. How quickly is this story moving? How embedded already is this type of technology into Wall Street and how regulators going to treat this? Yeah, listen, this is kind of only a matter of time because when you're working at a large bank who you work with as a third party technology firm is a really big deal. And you have traders and we've been hearing this for weeks now all across Wall Street playing with chat GBT for all sorts of functions, whether that's help creating a pitch book or help figuring out an investment thesis or writing letters to shareholders and research notes. So yes, of course, JP Morgan is sitting there like many banks saying, wait a minute, we have not chosen this as our technology yet. But remember Wall Street has been transforming very quickly into automation. The very big question that's under the surface guy is what does chat GBT mean for the businesses that are not already heavily automated? You think bond trading, for example, where there hasn't been that huge shift towards automation yet can chat GBT because of its natural language processing help something like that more than other things like creating a pitch book, which frankly there are already tools to automate that. I would get a little more creative than chat GBT.

Bloomberg