Employees at some of the world's largest financial institutions have been blocked from using the artificial intelligence (AI) tool ChatGPT.
JP Morgan was the first firm to issue such an edict, as reported by Bloomberg. It has been joined by Citigroup, Goldman Sachs, Wells Fargo, Bank of America and Deutsche Bank.
JP Morgan has stressed that the move was not the result of a specific incident involving the technology but part of a more comprehensive policy around the use of third-party software.
ChatGPT, an AI bot developed by OpenAI that generates text responses to users' prompts, has gained huge publicity since its launch in November 2022.
It has also generated concerns about the implications of its wider use in several industries, including financial services.
The restrictions imposed by banks come on the back of huge fines levied for the unauthorised use of social media networks in bank staff communications.
In the US, the Securities and Exchanges Commission issued more than $1 billion in penalties for several Wall Street firms and also asked a number of hedge funds to monitor their employees' devices for evidence of using the likes of WhatsApp to carry out transactions and trades or conduct business.
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