MoneyWatch

JPMorgan Chase bars employees from using ChatGPT

Edited By Anne Marie Lee, Alain Sherter

February 23, 2023 / 5:31 PM EST / MoneyWatch

Artificial intelligence could create more jobs than it displaces

JPMorgan Chase is banning workers from using artificial intelligence tool ChatGPT, a source familiar with the matter confirmed to CBS MoneyWatch Thursday.

Access to ChatGPT, which was developed by Microsoft-backed OpenAI and which is free to use, is currently restricted at JPMorgan, consistent with its policies around using third-party software, Bloomberg reported. The nation's largest bank declined to comment on the company's policy on employees using ChatGPT for work-related tasks.

Employees in a range of jobs are increasingly turning to ChatGPT and other so-called generative artificial intelligence tools, using the technology to write everything from marketing materials and emails to speeches and real estate listings. In fields such as medicine, meanwhile, physicians are using it for research purposes.

Concerns raised about artificial intelligence misinformation and bias

The tool has revealed its limitations, however, on occasion spitting out false information or otherwise botching communications. Vanderbilt University recently apologized for using the tool to write a memo to its community addressing a mass shooting at Michigan State University. Students blasted the move as "sick and twisted."

New York City Public Schools, the largest school district in the country, banned students' use of ChatGPT over cheating concerns.

OpenAI did not immediately respond to a request for comment.

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.