JPMorgan clamps down on staff’s use of AI-powered ChatGPT.

(Feb 22): JPMorgan Chase & Co has curbed its staff’s use of the ChatGPT chatbot, according to a person familiar with the matter.

The artificial intelligence software is currently restricted, the person said, who asked not to be identified because the information is private. The move, which impacts employees across the firm, wasn’t triggered by any specific incident but reflects normal controls around third-party software.

ChatGPT became an internet phenomenon in recent months and spurred buzz about its future potential in everything from writing poems in the style of Shakespeare to creating stock portfolios. There’s even an exchange-traded fund planned around the concept.

But problems have also arisen since its November launch. OpenAI, the artificial-intelligence research company behind the chatbot, said it is working to reduce biases in the system and will allow users to customize its behaviour following a spate of reports about inappropriate interactions and errors in its results.

For closely-regulated lenders, the caution around the introduction of any new technology is understandable. Over 2021 and 2022, US regulators handed out more than US$2 billion in total penalties to a dozen banks relating to their workforce’s unauthorized use of private messaging services.

A representative for OpenAI didn’t immediately respond to a request for comment. The Telegraph reported the restrictions earlier.


By William Shaw. Bloomberg. 22 February 2023
Source: The Edge Market. February 2023.

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