JPMorgan Chase & Co. has curbed its staff’s use of the ChatGPT chatbot, according to a person familiar with the matter.
The artificial intelligence software is currently restricted, the person said, who asked not to be identified because the information is private. The move to restrict use of ChatGPT, which impacts JPMorgan employees across the firm, wasn’t triggered by any specific incident but reflects normal controls around third-party software.
ChatGPT became an internet phenomenon in recent months. The fast-growing technology generates text, images and other media in response to a short prompt.
That has spurred buzz about its future potential for everything from writing poems in the style of Shakespeare to creating stock portfolios. There’s even an exchange-traded fund planned around the concept.
Microsoft Corp. is investing $10 billion in OpenAI, the artificial-intelligence research company behind the chatbot, a move that could see it challenge Google’s dominance of search.
But problems have also arisen since ChatGPT’s November launch. OpenAI said it is working to reduce biases in the system and will allow users to customize its behavior following a spate of reports about inappropriate interactions and errors in its results.
For closely regulated lenders, the caution around the introduction of any new technology is understandable. Over 2021 and 2022, U.S. regulators handed out more than $2 billion in total penalties to a dozen banks relating to their workforce’s unauthorized use of private messaging services.
A representative for OpenAI didn’t immediately respond to a request for comment. The Telegraph reported the restrictions earlier.
It's a showdown for the ages as wealth managers assess its impact on client portfolios.
CEO Ritik Malhotra is leveraging Savvy Wealth's Fidelity partnership in offers to Commonwealth advisors, alongside “Acquisition Relief Boxes” filled with cookies, brownies, and aspirin.
Fraud losses among Americans 60 and older surged 43 percent in 2024, led by investment schemes involving crypto and social manipulation.
The alternatives giant's new unit, led by a 17-year veteran, will tap into four areas worth an estimated $60 trillion.
"It's like a soap opera," says one senior industry executive.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
