JPMorgan is rolling out LLM Suite, using AI to automate work and reshape banking

Deep within JPMorgan Chase’s data centers, an artificial intelligence project is quietly reshaping the world’s largest bank. Known as LLM Suite, the platform is designed to harness large language models (LLMs) from leading AI developers, including OpenAI and Anthropic, and bring them directly into the bank’s workflows.

Updated every eight weeks with new data from across JPMorgan’s sprawling businesses, the system is part of what executives call a fundamental rewiring of the 317,000-person financial giant for the age of artificial intelligence.

“The broad vision that we’re working towards is one where the JPMorgan Chase of the future is going to be a fully AI-connected enterprise,” said Derek Waldron, JPMorgan’s Chief Analytics Officer, in an interview with CNBC.

From Research Decks to AI Agents

At its core, LLM Suite acts as a portal: employees feed it prompts, and the system leverages external AI models along with JPMorgan’s internal data to generate output. Waldron demonstrated the tool by asking it to create a five-page investment banking deck for Nvidia’s CEO and CFO — complete with news, earnings, and peer comparisons. The result appeared in about 30 seconds, a task that once consumed hours of junior bankers’ time.

LLM Suite is now being extended beyond basic document drafting to agentic AI, capable of handling multi-step tasks on behalf of employees. Eventually, Waldron envisions:

• Every JPMorgan employee with a personalized AI assistant
• Every process automated by AI agents
• Every client guided by an AI concierge

A Bank-Wide AI Transformation

Today, about 250,000 JPMorgan employees — nearly the entire workforce outside branches and call centers — already use LLM Suite. Roughly half log in daily. Early use cases include drafting emails, summarizing documents, and generating research, but the bank is already testing AI on more complex tasks like producing confidential M&A memos.

The potential payoff is clear: JPMorgan could gain a first-mover advantage in AI-powered finance, enjoying higher margins and faster growth before rivals catch up. But the transition will take years, Waldron cautioned. Integrating AI into thousands of disparate systems, from trading platforms to compliance software, is a long-term effort.

Shifting Work and Workforce

The implications for JPMorgan’s workforce — and banking more broadly — are profound. Waldron and other executives acknowledge that AI could reshape the apprenticeship model in investment banking, where armies of junior staff traditionally support senior dealmakers.

If AI handles more of the grunt work, banks may need fewer junior bankers, or distribute them globally to work in cheaper markets around the clock. Support and operations roles — from fraud detection to account setup — are especially at risk. JPMorgan has already forecast at least a 10% reduction in operations staff within five years due to AI.

That said, client-facing roles like traders, private bankers, and senior dealmakers remain vital. Waldron predicts employees will evolve from “makers” of reports or presentations to “checkers” who oversee and guide AI agents.

Risks, Guardrails, and AI FOMO

Waldron concedes there’s still a “value gap” between what AI is capable of and what enterprises can fully capture. It’s not just about the models, but how well companies organize employees, processes, and systems around them.

Yet momentum is undeniable. While market skeptics warn of an AI bubble, corporate leaders increasingly fear missing out. “People are starting to see what these tools can do,” said Avi Gesser, partner at Debevoise & Plimpton, who advises firms on AI. “If you get the workflow right, implement it properly and have the right guardrails, it can save a lot of time and money — and deliver a better product.”

JPMorgan’s next step: cautiously allowing generative AI to interact directly with clients. It will start with narrow use cases, like extracting information, before expanding further.

The Stakes for Wall Street

If successful, JPMorgan could cement its dominance not just as the largest U.S. bank, but as the first to fully embed AI into its DNA. With a $18 billion annual tech budget and a CEO, Jamie Dimon, who has championed AI adoption since 2023, the bank has the resources and leadership to move fast.

But the transformation carries risks: workforce upheaval, regulatory scrutiny, and the uncertainty of whether AI can live up to its lofty promises.

Still, JPMorgan is betting big. As Waldron put it:

“Every employee will have their own personalized AI assistant; every process is powered by AI agents, and every client experience has an AI concierge.”