PMorgan Chase reported a 10% to 20% increase in software engineer productivity after implementing a proprietary AI-powered coding assistant. According to Lori Beer, the bank’s Global Chief Information Officer, the tool has helped tens of thousands of engineers write, debug, and deploy software more efficiently, freeing them to focus on complex data and artificial intelligence projects. The productivity gains are being reinvested into strategic initiatives rather than increasing headcount.
With a 2024 technology budget of $17 billion and a global tech workforce of 63,000 employees, including a substantial team in India, JPMorgan is actively exploring AI use cases across multiple domains. Currently, there are roughly 450 applications under development, with plans to expand to around 1,000 by next year. The bank emphasizes that AI is not just a productivity booster but a transformational tool to create measurable business value.
JPMorgan President Daniel Pinto estimates that AI adoption could deliver $1 billion to $1.5 billion in value for the company. Executives have highlighted that the AI assistant also reduces repetitive coding tasks, improves software accuracy, and accelerates product deployment timelines. By leveraging AI for both operational efficiency and innovation, JPMorgan aims to stay competitive in the rapidly evolving financial technology landscape while ensuring its workforce focuses on higher-value initiatives.