Latest news with #MaryErdoes
Bloomberg
7 days ago
- Business
- Bloomberg
Wall Street Interns Are Safe From AI. Here's Why.
Summer is here. And for a select cohort of college students, that means swapping lecture halls for trading floors and seminar rooms for Wall Street office suites. In the next few weeks, thousands will begin internships at Goldman Sachs Group Inc, JPMorgan Chase & Co and other major financial institutions. What awaits them could define their careers. Getting there, however, has become harder than getting into the top universities where many of them study. Goldman Sachs begins its process more than a year out, interviewing candidates as early as the end of their sophomore year. The bank's 2024 intern class saw over 315,000 applications for 2,700 spots – an acceptance rate of 0.9%. JPMorgan revealed at its investor day last year that it had received 493,000 applications for about 4,000 positions. Mary Erdoes, head of the asset and wealth management division, called the volume 'mind-blowing,' noting it left the firm 'ripe with the ability to pick talent' from an enormous pool. Both banks now have acceptance rates lower than Harvard University's 3.6%.
Business Insider
14-05-2025
- Business
- Business Insider
JPMorgan exec Erdoes sells 14,055 common shares
In a regulatory filing, JPMorgan (JPM) CEO of Asset and Wealth Management Mary Erdoes disclosed the sale of 14,055 common shares of the company on May 13 at a price of $262.5358 per share. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
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First Post
06-05-2025
- Business
- First Post
AI as sales manager: JP Morgan says artificial intelligence added wealthy clients despite April market turmoil
April's market rout, which saw record intraday swings and historic single-day trading volumes, pushed investors into panic mode. But JPMorgan says its AI systems, including a tool known as 'Coach AI', turned what could have been a chaotic period into an opportunity read more JPMorgan Chase is betting big on artificial intelligence, and it's already paying off. The banking giant's asset and wealth management division says its AI-powered tools have helped advisers handle a deluge of client requests, boost productivity, and even drive a 20 per cent jump in gross sales between 2023 and 2024. The shift comes as the industry leans further into AI to navigate heightened market volatility and scale services for high-net-worth clients. STORY CONTINUES BELOW THIS AD 'In the last few weeks, there have been several fluctuations in the market which are not in normal bite sizes,' said Mary Erdoes, CEO of JPMorgan Asset & Wealth Management, referring to the recent chaos triggered by US President Donald Trump's new tariff announcements. The powerful AI tools helped advisers quickly handle client requests by pulling data on trading patterns and anticipating queries, she said. More from Tech A $40-bn opportunity for India as Apple dumps China for iPhone production April's market rout, which saw record intraday swings and historic single-day trading volumes, pushed investors into panic mode. But JPMorgan says its AI systems, including a tool known as 'Coach AI', turned what could have been a chaotic period into an opportunity. 'When you have a tool that pre-populates all the data and the movement in real time, while also remembering clients' old investment preferences and helps in tailoring a plan for them quickly, it also allows advisers to do much more,' Erdoes said. Coach AI, which supports JPMorgan's private client advisers, streamlines access to relevant research, data, and historical client behaviour. 'Our advisers are finding the right information up to 95 per cent faster,' said Mike Urciuoli, chief information officer of the asset and wealth management business. 'That means less time spent searching, and more time engaging in meaningful conversations with clients.' The AI boost is reshaping client relationships and expanding capacity. The firm expects the new tools will enable advisers to grow their client books by 50 per cent over the next three to five years. The tech handles anticipatory and research-heavy work, allowing advisers to focus on strategic guidance. 'AI has also been handling a lot of anticipatory work, allowing advisers to be prepared for what could have otherwise been a very stressful moment with market movements,' Erdoes added. STORY CONTINUES BELOW THIS AD JPMorgan's aggressive tech push is backed by serious capital. The bank set aside $17 billion for technology investments in 2024, and it's already identified 450 potential AI use cases. CEO Jamie Dimon has said that number could double to 1,000 by next year. The firm joins a broader wave of AI adoption sweeping across Wall Street. Goldman Sachs is piloting a generative AI assistant for its bankers, traders, and asset managers, while Morgan Stanley has built a chatbot powered by OpenAI for its financial advisers. With inputs from agencies
Business Times
05-05-2025
- Business
- Business Times
JPMorgan says AI helped boost sales, add clients in market turmoil
[NEW YORK] JPMorgan Chase's artificial intelligence (AI) tools enabled it to boost sales to wealthy clients and manage scores of requests from worried customers even during April's market rout, the bank's CEO of asset and wealth management said. The largest US lender has been ramping up its use of AI, along with its peers. Goldman Sachs is rolling out a generative AI assistant to its bankers, traders and asset managers, while Morgan Stanley developed a chatbot for its financial advisers with OpenAI. JPMorgan's AI tools supercharged the speed at which its bankers could provide research and investment advice to wealthy clients last month at a time when the US tariff announcements erased trillions of US dollars from the stock market. 'In the last few weeks, there have been several fluctuations in the market which are not in normal bite sizes, making it very complicated to think about all your clients and all the things required to do,' Mary Erdoes, JPMorgan's CEO of asset and wealth management, said. The powerful AI tools helped advisers to quickly handle client requests by pulling data on their trading patterns and anticipating queries, she said. In the days surrounding US President Donald Trump's tariff announcement last month, US stock markets set a record for single-day trading volume, and posted some of the sharpest intraday swings of the past 50 years. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The volatility prompted individual investors to call their bankers seeking advice, Erdoes said. 'When you have a tool that pre-populates all the data and the movement in real-time, while also remembering clients' old investment preferences and helps in tailoring a plan for them quickly, it also allows advisers to do much more,' she added. JPMorgan's so-called Coach AI tool used by private client advisers is quicker at locating content and research to drive conversations with clients. 'Our advisers are finding the right information up to 95 per cent faster – which means they spend less time searching and more time engaging in meaningful conversations with clients,' said Mike Urciuoli, chief information officer at JPMorgan asset and wealth management. Adding clients The app will help advisers expand their client rosters by 50 per cent in the next three to five years by enabling them to take on more clients, with AI handling some of the other research-related work. JPMorgan Asset & Wealth Management also said gross sales between 2023 and 2024 increased by 20 per cent, with GenAI-driven tools helping teams focus more effectively on high-impact client work. 'AI has also been handling a lot of anticipatory work, allowing advisers to be prepared for what could have otherwise been a very stressful moment with market movements,' Erdoes said. JPMorgan had a technology budget of US$17 billion last year. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year, he said earlier this year. Portfolio managers in asset management are also using the AI tools, Erdoes said. The bank's GenAI toolkit is now deployed on the desktops of more than 200,000 employees, more than half of whom use it several times a day, the bank said. The bank employs almost 320,000 people. 'We are trying to democratise AI and put it in the hands of more employees instead of a select group,' Erdoes added. Harvard Business School recently published a case study on the potential of generative AI which included the tools being used by the 4,000 advisers serving JPMorgan's high-net-worth private bank clients to study its impact on the bank's business. The initiatives have already saved the bank nearly US$1.5 billion through fraud prevention, personalisation, trading, operational efficiencies and credit decisions, JPMorgan said. Mike Mayo, an analyst at Wells Fargo, expects the financial benefits from AI to go up by another billion US dollars for the bank. 'JPMorgan is a goliath and the goliath has been winning on AI. It is able to spend more money, have a cohesive strategy and incorporate the benefits to gain more share,' said Mayo. REUTERS
Economic Times
05-05-2025
- Business
- Economic Times
JPMorgan says AI helped boost sales, add clients in market turmoil
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads JPMorgan Chase's artificial intelligence tools enabled it to boost sales to wealthy clients and manage scores of requests from worried customers even during April's market rout, the bank's CEO of asset and wealth management largest US lender, along with its peers has been ramping up its use of AI Goldman Sachs is rolling out a generative AI assistant to its bankers, traders and asset managers, while Morgan Stanley developed a chatbot for its financial advisers with AI tools have supercharged the speed at which its bankers could provide research and investment advice to wealthy clients last month at a time when the US tariff announcements erased trillions of dollars from the stock market."In the last few weeks, there have been several fluctuations in the market which are not in normal bite sizes, making it very complicated to think about all your clients and all the things required to do," Mary Erdoes said. The "powerful" AI tools helped advisors to quickly handle client requests by pulling data on their trading patterns and anticipating queries, she the days surrounding U.S. President Donald Trump's tariff announcement last month, U.S. stock markets set a new record for single-day trading volume, and posted some of the sharpest intraday swings of the past 50 volatility prompted individual investors to call their bankers seeking advice, Erdoes told Reuters."When you have a tool that pre-populates all the data and the movement in real time, while also remembering clients' old investment preferences and helps in tailoring a plan for them quickly, it also allows advisors to do much more," she so-called Coach AI tool used by private client advisers is quicker at locating content and research to drive conversations with clients."Our advisors are finding the right information up to 95% faster--which means they spend less time searching and more time engaging in meaningful conversations with clients," said Mike Urciuoli, chief information officer at JPMorgan asset and wealth management."It's a great example of how of AI isn't replacing human touch, it's enhancing it," Urciuoli app will help advisers expand their client rosters by 50% in the next three-to-five years by enabling them to take on more clients, with AI handling some of the other research-related Asset & Wealth Management also saw a 20% year-over-year increase in gross sales between 2023-2024, with Gen AI-driven tools which has helped teams focus more effectively on high-impact client work, it said."AI has also been handling a lot of anticipatory work, allowing advisors to be prepared for what could have otherwise been a very stressful moment with market movements," Erdoes had a technology budget of $17 billion last year. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year, he said earlier this managers in asset management are also using the AI tools, Erdoes bank's GenAI toolkit which is now deployed on the desktops of more than 200,000 employees, more than half of whom use it several times a day, the bank said. The bank employs almost 320,000 people."We are trying to democratize AI and put it in the hands of more employees instead of a select group," Erdoes Business School recently published a case study on the potential of generative AI which included the tools being used by the 4,000 advisers serving JPMorgan's high-net-worth private bank clients to study its impact on the bank's initiatives have already saved the bank nearly $1.5 billion through fraud prevention, personalization, trading, operational efficiencies and credit decisions, JPMorgan said.
