The cost of tokenmaxxing is hitting the banks.
Some JPMorgan employees are “spending more on tokens than their salary,” Zachery Anderson, chief data and analytics officer at JPMorgan’s Payments division, told Semafor when asked about how token costs are weighing on budgets.
After pushing employees to find ways to integrate AI into their daily work, corporations are now grappling with the rising costs of all those tokens, and some are limiting which employees can use specific AI tools.
The bank isn’t the type to have “AI token usage leaderboards” and there’s no companywide effort to scale back or ration AI usage, Anderson said at a New York Tech Week event, but “we’re monitoring it.”
Analysts in JPMorgan’s markets division have long used financial models that rack up hefty bills. The puzzle for financial institutions now will be figuring out whether AI should be similarly reserved for a subset of analysts.
