Citing data privacy concerns, banking giant JPMorgan Chase & Co. has restricted its employees from using OpenAI's ChatGPT, a source told Bloomberg.
The move was attributed to the bank's existing controls concerning third-party software.
- Such usage could result in data and information leaks, potentially breaching government regulations.
- JPMorgan Chase, the largest U.S. bank, has reportedly restricted ChatGPT among its global workforce, which counts around 250,000 staff members.
- The move comes after JPMorgan Chase CEO Jamie Dimon reportedly said the bank was in the process of spending "hundreds of millions of dollars per year" on AI technology, deployment, and talent.
- As of yet, no other financial institutions have been reported as banning ChatGPT.
- The banking industry may be especially concerned about workers using third-party AI software such as ChatGPT.
- In September, more than a dozen U.S. financial firms agreed to pay $1.8B in fines to settle charges over improper use of messaging applications and more.
- The Wall Street banks and brokers, including Goldman Sachs, Morgan Stanley, and Barclays, violated federal record-keeping requirements when their staff used "off-channel communications" to discuss deals and trades.
