OpenAI signs JPMorganChase contract for coding and cybersecurity

OpenAI announced a contract for JPMorganChase to use its models in software development and cybersecurity, American Banker reported. The agreement extends the provider's technology into work involving the bank's code and security operations. JPMorganChase Chief Financial Officer Jeremy Barnum said last month that the bank spends "something like $700 million annually" on AI, but benefits had not appeared in quarterly results. He said its strategy emphasizes minimizing vendor lock-in, managing costs and retaining the ability to use proprietary, open-weight and open-source models.