SHANGHAI/HONG KONG, May 21 (Reuters) - JPMorgan ( JPM )
is implementing AI tools across its investment banking business
globally, its Asia investment banking head said on Thursday,
among the first in the sector moving to adopt the technology
widely.
Global banks are increasing investment in AI, reshaping
their workforce and leading to changes in job roles.
Earlier in the day, JPMorgan ( JPM ) CEO Jamie Dimon told Bloomberg
News that the bank would hire more AI specialists and fewer
traditional bankers, following rival Standard Chartered's move
to cut nearly 8,000 staff by 2030 as it boosts the use of AI.
"We are in the early phase adopting AI tools throughout our
investment banking business globally but are excited by the
developments," Paul Uren, JPMorgan's ( JPM ) Asia Pacific head of
investment banking, told Reuters.
The Wall Street bank is among select organizations permitted
by startup Anthropic to use its powerful Mythos cybersecurity
model under its controlled "Project Glasswing" initiative.
Mythos, according to Anthropic, is capable of detecting
decades-old vulnerabilities in web browsers, infrastructure and
software. That sparked fears among cybersecurity experts that it
could supercharge more sophisticated cyberattacks, posing a risk
to the banking industry reliant on legacy technology.
"Our AI tools enable us to access more information and
quickly synthesize it with our internal systems," Uren said,
without specifying which AI tools bankers were using.
"We're finding that AI streamlines the preparation of
content and materials, as well as helping bankers engage with
more clients more efficiently."
Apart from JPMorgan ( JPM ), Goldman Sachs ( GS ), Citigroup ( C ),
Bank of America ( BAC ) and Morgan Stanley ( MS ) have access
to, or are testing, Mythos, Reuters reported, citing sources
and company executives.