ChatGPT is met with skepticism from banks

ChatGPT is met with skepticism from banks

24. Februar 2023 0 Von Horst Buchwald

ChatGPT is met with skepticism from banks

New York, 2/24/2023

Citing privacy concerns, banking giant JPMorgan Chase & Co. has blocked its employees from using OpenAI’s ChatGPT.

Rationale: Use could result in data and information leakage and potentially violate government regulations.

JPMorgan Chase, the largest US bank, has reportedly limited ChatGPT to its global workforce, which numbers around 250,000 employees.

The move comes after JPMorgan Chase CEO Jamie Dimon reportedly said the bank was in the process of spending „hundreds of millions of dollars a year“ on AI technology, deployment and talent. So far, no other financial institutions have been reported banning ChatGPT.

The banking industry may be particularly concerned about workers using third-party AI software like ChatGPT.


In September, more than a dozen U.S. financial firms agreed to pay $1.8 billion in fines to settle charges over messaging app abuse and more.

Wall Street banks and brokers, including Goldman Sachs, Morgan Stanley and Barclays, violated state record-keeping regulations when their employees used „off-channel communications“ to discuss deals and deals.