JPMorgan Chase & Co has awarded 47 financial grants to university faculty and Ph...
NEW YORK - JPMorgan Chase & Co has awarded 47 financial grants to university faculty and PhD students for artificial intelligence research, ramping up its efforts in the emerging technology, the bank plans to announce later on Monday.
Winners of the JPMorgan’s first AI Research Awards will study the use of AI and machine learning in areas including investment advice, risk management, digital assistants and trading behavior.JPMorgan and other financial institutions have been investing more to develop artificial intelligence-based technology to better process the vast amounts of data they collect and produce, and to become more efficient.
Through the awards, the bank hopes to deepen ties with academia following the creation of its AI research division less than a year ago, Manuela Veloso, head of JPMorgan’s AI Research, said in an interview. The bank spends around $11.5 billion a year on technology and employs more than 50,000 workers in IT.
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