The introduction of Open AI’s ChatGPT in late 2022 has sparked a frenzy on Wall Street, with finance’s biggest names ramping up their efforts in artificial intelligence. Business Insider has been closely following how banks, hedge funds, and asset managers are embracing this new technology and the potential impact it could have on the industry.
From JPMorgan CEO Jamie Dimon’s bold statements about winning the AI battle against fintech to Goldman Sachs’ experimentation with large language models, the financial sector is racing to understand and implement AI in various aspects of their businesses. Deutsche Bank is aggressively hiring AI talent to transform its operations, while hedge funds like Bridgewater and Man Group are launching AI-driven funds and building teams focused on generative AI.
Even private equity giants like Blackstone and Swedish PE giant EQT are leveraging AI to enhance their dealmaking and investment skills. AllianceBernstein has been building a team focused on AI and data science since 2017, highlighting the growing importance of AI in asset management.
While AI has the potential to make some jobs in finance less tedious, it could also make it harder to break into the industry and alter the skills required for entry. As financial firms continue to refine their AI strategies, they are hiring more technologists with specialized skills, creating new opportunities for those looking to land an AI job on Wall Street.
Overall, the adoption of AI in finance is reshaping the industry and creating new possibilities for innovation and efficiency. Stay tuned as Business Insider continues to track the latest developments in how Wall Street is embracing AI.