In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon has singled out the "critical impact" of AI and the "essential" importance of migration to the cloud.
The Wall Street giant now has more than 2000 AI and machine learning experts and data scientists, helping it to bring in over 400 use cases for the technology in areas such as marketing, fraud and risk.
Meanwhile, work is underway to explore the use of generative AI across software engineering, customer service and operations, and general employee productivity.
"In the future, we envision GenAI helping us reimagine entire business workflows," writes Dimon, adding that the technology "has the potential to augment virtually every job".
The letter's other big technological focus is on the cloud: "Getting our technology to the cloud — whether the public cloud or the private cloud — is essential to fully maximise all of our capabilities, including the power of our data".
It is critical that the bank uses multiple clouds to avoid lock-in, warns Dimon, while the bank is also maintaining its own expertise to avoid reliance on the big tech firms. Around $2 billion has been invested in four new private cloud-based data centres.
Currently, about half of JPMorgan's applications run a large part of their processing in the public or private cloud. Approximately 70% of data is now running in the public or private cloud.
By the end of 2024, the bank aims to have 70% of applications and 75% of data moved over.