Topline
JPMorgan Chase has restricted the use of ChatGPT by its staff, Bloomberg and the Telegraph reported, becoming the latest organization to limit the use of OpenAI’s chatbot in the workplace following the likes of Amazon and several U.S. universities.
A woman walks past JP Morgan Chase’s corporate headquarters in New York City.
Key Facts
According to Bloomberg, the ban wasn’t triggered by a particular event or mishap, but is instead part of the company’s “normal controls around third-party software.”
The restriction applies to employees across the financial services giant’s various divisions, the report adds.
The Telegraph previously reported that the decision was driven by concerns about sensitive financial information being shared with the chatbot that could lead to regulatory action.
Users have demonstrated a multitude of use cases for the chatbot, which includes summarizing regulatory documents and earnings reports—although its accuracy remains a concern.
It is unclear whether other financial institutions will follow JPMorgan Chase and place similar restrictions on the use of ChatGPT.
Key Background
Last month, Amazon warned its staffers against sharing any code or confidential information about the company with OpenAI’s chatbot—which has received billions in investment from Microsoft. Business Insider reported that this decision was undertaken after the company found examples of ChatGPT responses that resembled internal Amazon data. Apart from companies, several major educational institutions across the U.S. have banned the use of ChatGPT in their classrooms. Teachers have expressed concerns that tools like ChatGPT could make cheating in exams and assignments a lot easier.
Tangent
The Chinese government wants to completely block access to ChatGPT as it does not comply with the country’s censorship laws. While ChatGPT’s website was always blocked by China’s ‘great firewall,’ some users were able to circumvent this by using third-party tools on popular web platforms like WeChat to access the chatbot. Regulators in Beijing have now ordered its tech giants including Tencent and Ant Group to crack down on such third-party tools.
Further Reading
JPMorgan Clamps Down on Staff’s Use of AI-Powered ChatGPT (Bloomberg)
JP Morgan cracks down on traders’ use of ChatGPT (Telegraph)
Source: https://www.forbes.com/sites/siladityaray/2023/02/22/jpmorgan-chase-restricts-staffers-use-of-chatgpt/