JPMorgan Chase has increased its software engineers’ productivity by 10% to 20% using an internally developed AI-powered coding assistant, the bank’s global chief information officer, Lori Beer, said on Thursday.
The efficiency gains create “a great opportunity” for the bank to reallocate engineers to other strategic projects, Beer told Reuters ahead of DevUp — an internal conference in India gathering JPMorgan’s top tech talent.
JPMorgan, the largest U.S. lender, has a technology budget of $17 billion for 2024. Its global tech workforce includes 63,000 employees — about a third of whom are based in India — representing roughly 21% of the bank’s total headcount.