JP Morgan Engineers’ efficiency jumps up to 20% using coding assistant

The largest lender in the US had a $ 17 billion technology budget for 2024 (file) photo credit: Reuters

Its global Chief Information Officer Lori Beer said that thousands of JP Morgan Chase software engineers increased their productivity by 10% to 20% using a coding accessories developed by the bank.

The lender presented a “a great opportunity” to hand over his engineers to other projects,, Beer told Reuters at an internal conference organized by JP Morgan, who brings its top engineers together in India this year.

The largest lender in the US had a $ 17 billion technology budget for 2024. The technical workforce of 63,000 employees with a third -third in India represents about 21% of its global headcon.

Efficiency benefits from coding assistant will also allow JP Morgan engineers to dedicate more time to artificial intelligence and high-value projects focusing on data, beer said.

The bank already has about 450 potential cases for which he can use AI, and CEO Jamie Dimon hopes that those potential applications are expected to grow up to 1,000 by next year. The bank focuses on areas where he can use AI to make money for his businesses, beer.

“I would not say that if we become 1,000 then this is success.” “Success is that if we continue to clarify that it is not only an agile change with AI, but we are changing and making value,” he said.

JP Morgan president Daniel Pinto had earlier stated that the implementation of AI could be about $ 1 billion $ 1.5 billion in the price for the bank.

In terms of renting, “We have passed our high development time”, beer said.

“There is a lot of productivity and opportunity as we think of a world with AI. We have grown rapidly … You are going to see us that the footprints we have continues to be adapted,” he said.

In 2022, Beer said that the company plans to hire around 2,000 engineers worldwide.