JPMorgan Chase, the world’s largest bank by assets, has greenlit the use of its proprietary artificial intelligence (AI) system to assist employees in drafting annual performance reviews. This reflects the swift assimilation of AI-generated content into corporate workflows.
The AI tool, a large language model (LLM), enables employees to generate review drafts based on prompts, simplifying a typically time-consuming process in large-scale organisations. The system is already in use following an extensive period of internal testing.
AI in the Workplace: Productivity and Ethical Questions
The bank’s decision to use AI in this manner underscores the potential for productivity enhancements and also raises ethical questions around the blurring lines between human and machine-generated content in the workplace.
JPMorgan’s internal guidelines direct employees to use the AI system as an initial step in drafting reviews, with the final accountability resting with the human author. According to those familiar with the system, it cannot be used for compensation or promotion decisions.
While the bank has not commented publicly, insiders suggest that the move is designed to bolster efficiency and consistency across its global workforce, comprising over 300,000 employees.
AI-Assisted Drafting: A Game-Changer for Time Management
A recent study by Boston Consulting Group highlighted that AI-assisted drafting of performance reviews can cut writing time by as much as 40%. This allows managers to devote more time to coaching and providing qualitative feedback.
Within eight months of its launch last year, JPMorgan rolled out its LLM Suite, an internal AI platform comparable to OpenAI’s ChatGPT, to approximately 200,000 employees. This constitutes one of the most extensive adoptions of generative AI on Wall Street.
AI Adoption Across the Bank
The AI platform, developed internally for security and compliance reasons, permits employees to safely engage with third-party AI tools while protecting client and regulatory data.
The technology is already deployed across the bank, assisting software engineers in reviewing code, investment bankers in drafting presentations, and legal teams in contract reviews.
Banking Sector’s Growing Reliance on AI
As the largest global bank technology investor, JPMorgan plans to spend $18 billion in 2025, dedicating $2 billion annually to AI initiatives, according to CEO Jamie Dimon.
Raj Abrol, CEO of AI firm Galytix, notes that this move demonstrates the accelerated adoption of AI by financial institutions. However, he warns that trust remains a significant hurdle.
As AI continues to be viewed as a strategic differentiator in the financial services sector, firms from Goldman Sachs to HSBC are exploring how to integrate large language models into their operations.
In line with Dimon’s previous assertion that AI will ‘change every job’, the integration of AI is expected to eliminate some roles while creating new ones. The adoption of AI by JPMorgan Chase, for employee performance review drafting, signals a significant step in the wider integration of AI in the banking sector and beyond.
However, the potential ethical dilemmas and issues of trust that arise with increased AI integration cannot be overlooked, calling for thorough scrutiny and robust regulatory guidelines as AI continues to permeate our workplaces.
