Jamie Dimon, CEO of JPMorgan Chase. Sarah Silbiger — Bloomberg/Getty Images
JPMorgan Chase & Co. is leaning into the artificial intelligence boom in ways that make some financial advisers uneasy. The company, which this year topped the first-ever ranking of banks’ AI advancements, is developing an AI tool to help investors pick stocks.
On May 11, JP Morgan filed a trademark application with the US Patent and Trademark Office for the AI software service “IndexGPT,” which can be used to “select financial securities and financial assets.”This application was first cited CNBC report.
Trademark attorney Josh Garben told CNBC’s Hugh Song that the move is a “true sign” that JPMorgan may soon be launching an AI product for investors. “Companies like JPMorgan aren’t filing trademarks just for fun,” he said. “This sounds to me like they are trying to put my financial advisor out of business.”
IndexGPT may do more than just advise investors. JP Morgan’s trademark application also includes references to technology used not only in “fund investments” but also in “financial investments in securities.” And it can be used in all fields, from “advertising” and “marketing services” to clerical and administrative work.
That’s because JP Morgan has filed IndexGPT applications for three different international class marks. According to the US Patent Office, the first is “advertising and business” services, the second is “insurance and finance” services, and the third is “computer and science” services.
A representative for JPMorgan Chase declined to comment on the company’s trademark filings and recent efforts in artificial intelligence. luck. It’s unclear if or when the company will make the AI technology available to its employees and customers.
IndexGPT isn’t JPMorgan’s first foray into AI, though. In April, economists at investment banks began using AI models to analyze Federal Reserve communications and help predict the central bank’s next move. And CEO Jamie Dimon has repeatedly praised recent advances in AI over the past few years. In an interview with Bloomberg in March, he called the technology “amazing” and briefly talked about how the bank plans to use it in various ways.
“We already use it for risk, fraud, marketing and research, but that’s just the tip of the iceberg.
Other large investment banks have also recently begun testing AI products. Morgan Stanley announced in March that it was developing a tool to help wealth managers scrutinize and gain a deeper understanding of investment bankers’ piles of research into the company’s economy and markets. in the same motion, luck‘s Jeremy Kahn reported in April that Goldman Sachs was considering developing its own “ChatGS” AI technology to help financial advisers sort data and better serve their customers.
