In Bengaluru on March 13, tens of thousands of JPMorgan Chase software engineers improved their productivity, delivering products 10% to 20% faster through the use of a coding assistant tool created by the bank, as mentioned by its global chief information officer, Lori Beer.
These efficiency gains provide the bank an excellent chance to reassign engineers to new projects, according to Beer in an interview with Reuters prior to DevUp, an internal conference for JPMorgan that brings together its top engineers in India.
JPMorgan, the largest U.S. lender, allocated a technology budget of $17 billion for 2024. Its tech workforce of 63,000 employees, with one-third based in India, constitutes around 21% of its global headcount.
The time saved by the coding assistant tool will enable JPMorgan's Indian facilities to focus more on high-value projects centered on artificial intelligence and data, Beer pointed out.
The bank has identified approximately 450 potential scenarios where AI could be leveraged, with CEO Jamie Dimon anticipating this number to rise to 1,000 next year. JPMorgan's emphasis is on utilizing AI to generate profits for its various operations, Beer indicated.
Beer emphasized that true success lies in moving beyond just implementing AI incrementally and creating substantial value through transformation. The bank's president, Daniel Pinto, previously suggested that incorporating AI could potentially add $1 billion to $1.5 billion in value for JPMorgan.
Beer stressed that achieving meaningful outcomes is crucial, regardless of the quantity of AI use cases deployed. Regarding recruitment, Beer noted that the period of rapid growth has passed for JPMorgan, with a shift towards optimizing their operations in light of the vast potential productivity offered by AI.
"We've grown rapidly…You're going to see us continue to optimize the footprint we have," she added.