- JPMorgan has restricted the use of ChatGPT among its staff, according to the Telegraph.
- The bank is worried that the chatbot could share financial information that could lead to regulatory action, the report said.
- The crackdown wasn’t triggered by a particular event, but a normal procedure for third-party software, Bloomberg reported.
JPMorgan has limited employees’ use of the viral language tool ChatGPT, according to reports, as Wall Street eyes potential risks from artificial intelligence.
The Telegraph first reported that ChatGPT’s use was curbed among traders due to concerns about regulatory action related to sensitive financial information being shared with the chatbot.
ChatGPT is currently restricted across the company as part of normal restrictions to third-party software, sources told Bloomberg.
JPMorgan representatives confirmed the report to Insider, and had no further comments to share.
Despite the caution over ChatGPT, Wall Street sees major changes coming from artificial intelligence, which is already present in algorithmic trading.
A recent JPMorgan survey found that 53% of traders believe AI will be the technology that holds the biggest influence on future trading. That figure is more than double the results of the same survey from a year ago.
“It’s an exciting time for the electronic and automation space right now, as we look to offer clients added choice of execution options,” Scott Wacker, JPMorgan’s global head of FICC e-sales, said in a statement included in the survey.
Meanwhile, ChatGPT has taken over the web since launching in November with its ability to write anything from articles and real-estate listings. Some accuracy concerns are still being worked out with the tool, however.
Its influence has seeped into markets too, as investors clamor for stocks even remotely related to artificial intelligence. Last month, Microsoft gave ChatGPT’s creator, OpenAI, a $10 billion investment, which has only fueled enthusiasm in the space.
Meanwhile, Emily Bender, who teaches computational linguistics at the University of Washington, told Insider in January that OpenAI isn’t transparent with how they accumulate or use data.
“I would expect corporations to wonder: After a few months of widespread use of ChatGPT, will it become possible to extract private corporate information with cleverly crafted prompts?” Bender said.