JPMorgan boosts software development speed by 20% with in-house AI

• Published On: 14 March 2025 at 18:54

JPMorgan Chase's global chief information officer, Lori Beer, announced on Thursday that the bank's software engineers' productivity has increased by 10% to 20% thanks to an internally developed AI-powered coding assistant.

The efficiency gains provide "a great opportunity" for the bank to reallocate engineers to other strategic projects, Beer told Reuters ahead of DevUp, an internal conference in India that brings together JPMorgan's top tech talent.

JPMorgan Chase, the largest lender in the United States, has set aside $17 billion for technology in 2024. Its global tech workforce consists of 63,000 employees, roughly one-third of whom are based in India and account for approximately 21% of the bank's total headcount.

Beer said that the increased productivity will allow JPMorgan's Indian tech hubs to focus on high-impact projects, particularly in artificial intelligence and data science.

The bank currently has approximately 450 potential AI use cases under consideration, with CEO Jamie Dimon predicting that number will rise to 1,000 by next year. However, Beer emphasised that success will not be measured solely by numbers.

"I wouldn't say success is if we get 1,000 done," she told me. "Success is if we continue to articulate that AI isn't just an incremental shift — it's about transformation and creating real value."

JPMorgan's president, Daniel Pinto, previously estimated that AI implementation could add $1 billion to $1.5 billion in value to the bank.

Regarding hiring, Beer suggested that the bank is moving beyond its recent expansion phase.

"We've passed our high-growth period," she told me. "With AI driving so much productivity, we're focused on optimising the workforce we already have."