OpenAI · Wall Street · ChatGPT · Anthropic · Google · CNBC Technology
OpenAI targets work of Wall Street junior bankers with new ChatGPT for Financial Services
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OpenAI is taking aim at some of Wall Street's most labor-intensive tasks with a new version of ChatGPT designed to research companies, analyze financial data and generate the presentations that investment bankers rely on.
Key facts
- The product unveiled Thursday, called ChatGPT for Financial Services, is a tailored version of its enterprise product, ChatGPT Work, that was made with "design partners" Morgan Stanley and Evercore
- Sarah Friar, OpenAI's finance chief, told investors in August that the company's enterprise business accounted for more revenue than its consumer business, which took off following the launch
- If you study the life of an analyst or of a banker, depending on the industry, they're working 100-hour weeks," Turley said
- Last month, Chris Churchman, the Goldman Sachs partner in charge of one of the bank's flagship AI projects, warned that the automation of tasks that help train junior bankers risks causing "cognitive
Summary
The product unveiled Thursday, called ChatGPT for Financial Services, is a tailored version of its enterprise product, ChatGPT Work, that was made with "design partners" Morgan Stanley and Evercore, according to OpenAI's vice president of product, Nick Turley. The rollout puts OpenAI deeper into territory traditionally occupied by Wall Street's entry-level bankers, the recent college graduates called analysts and associates that the industry has employed for decades to research deals and create pitchbooks. "We're effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well," Turley said during a briefing announcing the new product.