J.P. Morgan has shared how it is using AI and machine learning (ML), which it said will be “critical to its future success”, in its annual letter to shareholders.

The bank’s chief executive Jamie Dimon lauded AI as a “groundbreaking technology” and shared that the bank currently has over 300 AI use cases in production which span risk, prospecting, marketing, customer experience and fraud prevention.

Dimon also shared that the bank currently has over 1,000 people involved in data management, with over 900 data scientists -- AI and machine learning (ML) experts who create new models -- and 600 ML engineers tasked with writing code and putting models in production.

“This group is focused on AI and ML across natural language processing, time series analysis and reinforcement learning to name a few,” he said.

“We’re imagining new ways to augment and empower employees with AI through human-centred collaborative tools and workflow, leveraging tools like large language models, including ChatGPT,” he added.

The letter also highlighted that J.P. Morgan has currently spent over $2 billion in building new, cloud-based datacentres and is also working to modernise a “significant portion” of its applications to run in both our public and private cloud environments.

Dimon added that the bank has so far migrated approximately 38 per cent of its applications to the cloud, meaning that over half of its applications are now running on modern environments.

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