Feb 22, 2023 - Economy

JPMorgan restricts staff from using ChatGPT

photo illustration of the American multinational investment bank and financial services company J.P. Morgan logo

Photo illustration of the J.P. Morgan logo. Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

JPMorgan Chase is restricting its staff's use of OpenAI's ChatGPT chatbot, a person familiar with the matter confirmed to Axios.

Why it matters: ChatGPT has generated buzz over its potential for countless applications, but it's also raising concerns about its capability to fuel online misinformation.

  • Generative AI programs do not have a clear distinction of the separation between fact and fiction.

Driving the news: JPMorgan's decision to restrict usage of the chatbot was not made in response to a specific event, but is part of standard controls for third-party software usage, according to the Telegraph, which first reported on the move.

The big picture: OpenAI's free public test of ChatGPT opened on Nov. 30.

  • Microsoft earlier this month detailed its plans to add a more powerful version of the AI engine behind ChatGPT to both Bing and the Edge web browser, Axios' Ina Fried reports.

Zoom out: Several school districts have also banned ChatGPT from their systems, with some professors fearing a "flood" of cheating.

  • Others in education see the platform as having the potential to modernize how writing is taught in schools, Axios' Jennifer Kingson reports.

Our thought bubble: From Axios tech managing editor Scott Rosenberg: "Big companies see risk in ChatGPT use from two directions: They worry that employees might use the tool to communicate with customers and the public, who might object. They also want to make sure that employees aren’t sharing confidential or proprietary info with ChatGPT and its operators."

Editor's note: This story was corrected to reflect the restrictions were first reported by the U.K.'s Telegraph.

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