JP Morgan has joined other U.S. banks in ramping up its use of artificial intelligence as the technology transforms the way millions of people do their jobs. Teresa Heitsenrether, Chief Data & Analytics Officer at J.P. Morgan, spoke to Bloomberg's Francine Lacqua on what this means for the banking sector.

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Rise of AI

JP Morgan is increasing its use of artificial intelligence (AI), joining other major U.S. banks in adopting the technology across its operations. Teresa Heitsenrether, Chief Data & Analytics Officer at JP Morgan, outlined the bank’s approach to AI in a recent interview, highlighting its application in areas such as fraud detection, risk management, and marketing. The bank has also implemented generative AI for a significant portion of its workforce.

According to Heitsenrether, approximately 200,000 JP Morgan employees are now using generative AI tools in their daily work. These tools are designed to integrate with proprietary JP Morgan data, offering support for tasks ranging from legal contract review to the preparation of client presentations. Early observations suggest that employees are experiencing productivity gains of one to two hours per week as a result.

Heitsenrether noted that while the technology has not yet had a material impact on hiring or workforce numbers, AI has the potential to change hiring patterns in the future. She emphasized that current implementations are focused on productivity improvements, allowing employees to take on new work with the same level of investment. She added that trust and relationships remain central to the banking sector, meaning talented people are still a priority.

In trading, JP Morgan has long used AI and algorithmic analytics, but generative AI now enables faster synthesis of market news and analysis, providing teams with improved information. The bank is also developing client interfaces that leverage AI to deliver research insights more efficiently.

Heitsenrether stated that JP Morgan is actively engaged with regulators around the world to help shape policies that ensure the safe use of AI in financial services. She expressed confidence in the industry's established regulatory frameworks and the ongoing development of outcome-based regulations for AI.

To support its workforce, JP Morgan has launched internal training initiatives to help employees develop skills in using AI technology. Heitsenrether pointed out that hands-on experience with AI is a key part of this effort, preparing staff for an environment where AI becomes increasingly integrated into everyday work.



U.S. banks ramp up AI use

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Rise of AI