As the use of AI models surges across both public and private sectors, recent calls from the U.S. financial industry to limit AI usage are drawing attention.

Bloomberg reported that JPMorgan Chase, the largest bank in the U.S., recently instructed its employees to take a strategic approach to using expensive, state-of-the-art AI models.

During a conference call following the company's second-quarter earnings report on July 14, Jeremy Barnum, Chief Financial Officer (CFO) of JPMorgan, stated, "You don't need to use the most expensive, state-of-the-art model to summarize an analyst report," adding, "The key is to use the right model for the right purpose."

CFO Barnum noted that while the company's token costs in the first half of the year were "immaterial," they could increase significantly in the second half.

However, he added that the costs would remain small on an annual basis.

Brian Moynihan, CEO of Bank of America, one of the four largest banks in the U.S., stated during a conference call that the company is spending significant amounts on technology while also dedicating substantial time to reviewing where to implement AI projects across the bank.

Bank of America added that its more than 200,000 employees generate over 400,000 prompts for AI every day.

"We are seeing productivity gains, but expenses have also increased accordingly," CEO Moynihan said.

Goldman Sachs CEO David Solomon remarked, "There is a lot of talk about token usage and technology costs," adding, "It is still in the early stages, and as people try to understand what the ultimate demand for AI technology and AI companies is, some trial and error and recalibration are inevitable."

Reported by Kim Jiuk | Video by Jang Yu-jin | Graphics by Lee Jeong-ju | Produced by SBS Digital News