JPMorgan credits coding assistant tool for boosting engineers’ efficiency

Wall Street giant JP Morgan says it can boost productivity of its software engineers by up to 20% by using an AI coding tool.

Lori Beer, the global chief information officer, called the gains “a great opportunity” to shift engineers to other projects in remarks at a conference in India.

JPMorgan, the biggest US lender, is backing its tech push with a $17 billion budget for 2025.

Its 63,000-strong tech workforce — about a third of them in India — makes up 21% of the bank’s global headcount.

Beer said the coding tool’s efficiency will let engineers spend more time on high-value work, especially in artificial intelligence and data.

The bank has around 450 potential AI use cases lined up, with CEO Jamie Dimon expecting that number to hit 1,000 by next year.

President Daniel Pinto has pegged AI’s potential value at $1 billion to $1.5 billion.

“It’s not just about hitting 1,000,” Beer noted. “Success is transforming and creating value with AI, not just incremental steps.”

The focus, she added, is on using AI to drive revenue.

Hiring-wise, Beer said the bank’s “high growth time” is over.

“We’ve grown fast, but now we’re optimizing what we’ve got,” she explained.

Back in 2022, JPMorgan aimed to bring on 2,000 engineers worldwide.

With Post wires