Lori Beer0:05
Good morning. JPMorgan Chase is a 225-year-old institution that serves customers, clients, businesses, and governments across the globe. Our stated purpose is to make dreams possible for everyone, everywhere, every day. And we do this at tremendous scale. We serve 82 million customers in the US, financing home ownership, education, and other family milestones. We bank more than 90% of Fortune 500 companies and every day we process $10 trillion of payments. All of this is why we invest $17 billion in technology and have an ambitious modernization agenda to drive growth. We have 44,000 software engineers who run more than 6,000 applications and manage nearly an exabyte of data, from markets, customers, products, risk, and compliance and more. Some of you may remember I spoke at re:Invent four years ago and it's great to be back to update you on our progress. And while the industry has evolved dramatically over the past four years, the core principles of our cloud program have not. We are still focused on establishing a strong security foundation that is resilient and represents our robust regulatory framework, prioritizing modernization across both the business and technology. Enabling innovative services like AI and serverless to drive new product development and accelerate our go-to market. Being thoughtful in prioritizing migration for the most impactful use cases. These principles have enabled us to support and drive business growth. Today we process more than 50% of e-commerce transactions in the United States. Think about the volume from this past weekend, which kicked off the busiest shopping season of the year. When our business is that critical to the world economy, resiliency is core in everything we do. This is why we have been reinventing the way we build global banking and payments infrastructure and why we've pushed the element of the art of the possible in the cloud. We've been on our cloud journey with AWS for several years. Our first apps leveraged key services like EC2, S3, EKS. Now, fast forward a few years, in 2020, we reached our milestone of a hundred applications on the cloud. In 2021, we doubled that and expanded into Europe and including launching our consumer bank Chase in the US built from the ground up on AWS. In 2022, we started using at AWS Graviton chips and saw increased performance benefits. And in 2023, we started leveraging GPUs and by then, had nearly a thousand applications running on AWS, including core services like deposits and payments. Today we're actively unlocking GenAI use cases and working with AWS on their Bedrock roadmap. The way we have architected on the cloud has allowed us to modernize our business platforms and build brand new ones, enabling us to continuously innovate. Three examples of modernization can be seen in our markets and payments businesses, as well as chase.com. For flagship platforms and markets and payments, massive amounts of elastic compute and modern cloud services have helped us analyze risk and market volatility. It also enables us to be one of the largest payment processors in the world. Two years ago, we successfully migrated chase.com, our flagship consumer app that also powers our mobile experience. We migrated it to AWS, reducing costs and uplifting our resiliency. How did we do it? We use active-active-active configuration across multiple AWS regions. The strong resiliency posture allows two out of three regions to fail without customer impact. But geo optimized routing also improved our overall customer experience. Our strong partnership with AWS ensures that the infrastructure stack is frequently and automatically refreshed to improve our risk and resiliency posture and meet our security controls. We also launched a new business which leverages AWS. Fusion offers a data management platform and analytics across investment life cycles, improving interoperability across multiple data sources and providing our institutional clients access to extensive foundations of data at scale. It is just one example of a data management solution we have at the firm. I mentioned earlier we have nearly an exabyte of data, which makes it one of our most critical assets, especially as we increasingly embed AI in the way we modernize and build our technology. With the help of AWS's data management tools like Glue, our data is discoverable, accessible, interoperable, and reusable on our secure end-to-end data and AI platform. This platform is empowering us to build the next way of AI applications at the firm. SageMaker is helping us simplify the model development lifecycle from experimentation to model deployment in production. It is the foundation of our AI platform, which we designed to be repeatable with an extensible architecture so that our data scientists can leverage a range of best in class solutions from the ecosystem. Over 5,000 employees use SageMaker every month, and we're now starting to explore Bedrock with the goal of providing data scientists with seamless access to more models that can be fine tuned on our data. Our goal is to use gen AI at scale, and we continue to learn how to best leverage these new innovative capabilities within the regulated enterprise. We rolled out LLM Suite, our internal AI assistant to about 200,000 employees, and we're already seeing value from some of our other Gen AI use cases. Our bankers and advisors receive AI generated ideas to better engage with clients. Our travel agents leverage LLMs to help build and book trip itineraries for our customers. Our contact center reps summarize call transcripts and provide insights at scale. And our developers are using AI code generation tools. We're currently exploring ways to leverage developer AI agents in parallel. There's never been a more exciting time to be leading an enterprise through a transformation, given all the technology that providers like AWS are bringing to market. I'm excited for the next wave of technology evolution and I'm proud that JPMorgan Chase is well positioned to deliver the future of financial services. Thank you.
