JPMorgan Chase is developing a software service called IndexGPT that uses artificial intelligence to select investments for customers. The company has applied to trademark the product, which will use cloud computing software and Generative Pre-trained Transformer (GPT) models. JPMorgan may be the first financial institution to release a GPT-like product directly to its customers. The technology could have various applications in finance, including helping engineers create code or answering financial advisors' queries. However, some fear it could displace human advisors in markets. JPMorgan declined to comment on the matter.

The world's largest banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley, have created a booming business churning out imitation quant trades known as quantitative investment strategies (QIS). These trades replicate strategies pioneered by Ivy League academics and systematic fund managers like AQR Capital Management. QIS trades come with a handbook about exactly how they work, making them transparent and cheaper than most money managers. However, skeptics point out that banks don't have a fiduciary duty in the same way a money manager does. Despite this criticism, assets run by QIS have grown an average of 3% annually over the last six years to reach about $370 billion by mid-2022.

Investors are likely to favor gold and technology stocks as those bets are expected to provide a buffer against the possibility of a US recession this year, according to strategists at JPMorgan Chase & Co.

The Securities and Exchange Commission is investigating the conduct of First Republic Bank executives before the government seizure and sale of the lender to JPMorgan Chase & Co., according to two people familiar with the matter.

On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid to assume control of First Republic Bank’s deposits, including uninsured deposits.

Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter.

Visa to Develop Brazilian Blockchain-powered CBDC Project; PayPal Extending Crypto Transfers to More Than 60 Million Venmo Customers

Major Wall Street investment bank JPMorgan is moving forward with its push to tokenize traditional financial assets despite last year’s market downturn.

JPMorgan Chase has developed an AI model, based on ChatGPT, that predicts stock market movements based on statements made by the Federal Reserve. The model, called the Hawk-Dove score, interprets the language used in Fed statements and assigns a score based on the potential impact on stock movements. The bank is reportedly working on over 300 AI use cases and spending over $2 billion on building cloud-based data centers. Dropbox has also announced plans to focus on AI-powered products, cutting 16% of its workforce to hire talent for this new strategy. However, concerns about AI development have led to calls for regulation from individuals and entities such as Elon Musk, John Legend, and the Chinese government.

Investment banking giant JPMorgan has reportedly unveiled an artificial intelligence (AI) tool to analyze Federal Reserve statements and speeches to detect potential trading signals.