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IPFS News Link • Employee and Employer Relations

Wave Of Wall Street Banks Join JPMorgan In ChatGPT Crackdown

• by Tyler Durden

Bloomberg reported that Bank of America Corp., Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., and Wells Fargo & Co. are restricting AI-powered chatbot ChatGPT. 

The Wall Street banks have blocked employees' use of ChatGPT because of compliance issues with third-party software. 

Bank of America execs told employees that ChatGPT is prohibited from business use, Bloomberg said, citing people with direct knowledge of the matter. Internal meetings at BofA revealed the chatbot technology must be properly vetted before it can be used for business communications. At Deutsche Bank, a spokesperson said the staff could no longer use the chatbot.  

A Wells Fargo spokesperson said: 

"We are imposing usage limits on ChatGPT, as we continue to evaluate safe and effective ways of using technologies like these."

At Citigroup, the bank has blocked all access to ChatGPT, while Goldman Sachs restricted AI-powered bot on the trading floor, according to Financial News, citing sources. 

JPMorgan was the first big bank to clamp down on the ChatGPT earlier this week. The move was primarily based on compliance issues tied to third-party software.