Tens of thousands of JPMorgan Chase software engineers have increased productivity by 10% to 20% using coding assistant tools developed by the bank, said Lori Beer, global chief information officer.
The profits presented a “great opportunity” for lenders to assign engineers to other projects, and spoke to Reuters before Devup, an internal meeting hosted by JPMorgan, bringing together top engineers in India this year.
The largest lender in the United States had a technology budget of $17 billion in 2024.
The technological workforce of 63,000 employees has a third of India-based employees, making up about 21% of the world's personnel.
Additionally, the increased efficiency from coding assistants allows JPMorgan engineers to spend more time on high-value projects focusing on artificial intelligence and data, Beer says.
The bank already has around 450 potential cases of AI available, and CEO Jamie Dimon expects these potential applications to surge to 1,000 by next year.
Banks are focusing on areas where AI can be used to make money for business, Beale said.
“If you achieve 1,000, you're not going to be successful,” she said. “Success is when you keep making it clear that it's not just a gradual shift with AI, but that it's changing value and creating value,” she said.
JPMorgan President Daniel Pinto previously said that AI implementation could add around $1 billion to $1.5 billion in value for banks.
When it comes to employment, “We had a high growth time,” Beale said.
“When you think about the world with AI, there are so many productivity and opportunities. We've grown so quickly… you'll see us continuing to optimize the footprint we have,” she said.
In 2022, Beale said the company plans to hire around 2,000 engineers worldwide.
