The Information reported that according to relevant sources, since January this year, includingMajor European financial institutions including HSBC, NatWest (one of the four largest banks in the UK) and BBVA,DeepSeek has been tested alongside other AI models. This is completely different from Bank of America’s refusal to use DeepSeek.
London-based NatWest, which has tried to develop its own proprietary AI, is trialling DeepSeek with its cloud-based machine learning platform.According to people familiar with the team's work, they studied how DeepSeek successfully created its flagship model R1 through distillation technology.
HSBC, which is headquartered in London but has extensive operations in China, has also tested DeepSeek’s generative AI model, according to a person familiar with the matter. HSBC conducts early proof-of-concept testing of AI tools and products at its AI Center, and only in subsequent pilot tests will the bank make them available to a small number of employees.
According to people familiar with the work of BBVA,While the bank has primarily focused on OpenAI’s ChatGPT and Google’s Gemini, its team has also been testing DeepSeek in recent weeks.
A spokesman for BBVA said: “We are currently analyzing DeepSeekR1, along with a number of other AI tools, to assess its capabilities and potential benefits.
Bank of America Goldman Sachs’ generative AI platform leverages models such as ChatGPT, Gemini and Meta’s Llama. Although Goldman Sachs CIO Marco Argenti told The Information earlier this year that his team was interested in using DeepSeek, but according to a person familiar with Goldman Sachs’ AI platform, the Chinese model is not currently on the bank’s consideration list. A person familiar with JPMorgan's LLM suite of tools said the bank does not use DeepSeek.
“If I were the generative AI leader at Bank of America,” said Alenka Grealish, principal analyst at banking technology company Celent,I will definitely look into DeepSeek."