How JPMorgan’s CIO is reshaping work at the bank with a $19.8 billion annual tech and AI budget |
How JPMorgan’s CIO is reshaping work at the bank with a $19.8 billion annual tech and AI budget
Lori Beer, the global chief information officer at JPMorgan Chase & Co., has a long checklist of questions as she navigates the proliferation of AI agents working alongside the banking giant’s sprawling workforce of 319,000.
AI agents, Beer says, will change the way one thinks about work, the tasks to complete that work, how to break those tasks down, the tasks the bank is comfortable automating, the tasks that require human reflection, and then the proper technology ecosystem with the proper security, resiliency, and controls.
“We have been focusing very early on, on simple things, like what’s the right level to create an agent; how do you give them identity and access?” says Beer.
Her approach is fairly flexible. In HR, a human has broader license to see JPMorgan employee data than an agent. “You don’t want them to go outside the bounds of the specific tasks that they can do, because they don’t have the same thinking a human does,” says Beer. But in software engineering, there’s a bit more pliability with the permissions granted to an AI agent, because there’s a validation layer to check and correct any errors those autonomous systems could generate.
That same monitoring layer will need to be applied to other parts of the business as agents are increasingly embraced, says Beer, which involves keeping the human in the loop but also monitoring the outputs that large language models are producing.
One clear certainty when it comes to JPMorgan’s agentic AI strategy is that these tools won’t run through a third-party vendor. “This is going to be critical, because it’s the underlying flow of how we do business,” she says. “We want to secure it and we want to make sure it’s organized.”
Beer, a 12-year veteran at the No. 11-ranked Fortune 500 bank, manages a technology budget of $19.8 billion and more than 65,000 technologists who support JPMorgan’s retail, wholesale, and asset and wealth management businesses. The company’s tech spending accounts for roughly 10% of revenue, meaning that as JPMorgan’s business continues to grow—and it reported a monster first-quarter earlier in April—spending on technology and AI will also continue to rise.
“You’re moving $12 trillion a day, and you have a lot of customers and clients,” says Beer. “So this balance between innovation and risk taking is critical for us to get it right. We spend a lot of time focusing on that.”
AI tools that Beer has rolled out include LLM Suite, an internal version of OpenAI’s ChatGPT that provides asset and wealth management employees secure access to LLMs. JPMorgan said 200,000 employees were onboarded onto the tool eight months after its July 2024 debut. While some employees still use LLM Suite for simple tasks, including summarization and creating PowerPoint presentations, others are taking it further to create their own AI assistants.
Another tool is called Connect Coach, which helps asset managers pull insights quickly, like when tariff-related news was regularly shaking the stock market. This tool bolsters revenue in that advisors “can handle significantly more clients with the productivity they’re seeing out of these tools,” Beer says.
AI coding tools, meanwhile, have vastly improved and led Beer to work on rebuilding what she calls “the factory,” which encompasses efforts to rethink how product teams and engineers build. That means less time working in integrated development environments, or IDEs, which are the software applications that allow programmers to write, test, and debug code in one interface; and more time giving AI models the context they need to handle complex tasks.
“We’ve had great examples of some of our deep architects that are really great as specifications, but didn’t........