Here's everything we know about how Wall Street banks are embracing AI
Michael M. Santiago/Getty Images; Getty Images; BI
- Wall Street banks are proving that generative AI is here to stay and the tech is not just a fad.
- Business Insider has reported on how some of finance's biggest banks are approaching generative AI.
- See how giants like Goldman Sachs and JPMorgan are weaving the tech into the fabric of their firms.
Wall Street bank leaders say generative AI is here to stay, and they're weaving the technology throughout the fabric of their banks to make sure.
From trading to payments to marketing, it's hard to find a corner of the banking industry that isn't claiming to use AI.
In fact, the technology's impact, made mainstream by OpenAI's ChatGPT in late-2022, is becoming cultural. Generative AI is changing what it takes to be a software developer and how to stand out as a junior banker, especially as banks begin dispatching autonomous AI agents. The technology is even changing roles in the c-suite.
From supercharging productivity via AI-powered search engines to figuring out the best way banks can realize a return on their AI investments, here's what we know about how Wall Street banks are embracing AI.
Tom Williams/CQ-Roll Call, Inc via Getty Images
JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. We have the story of how he and other execs use AI at the bank.
- JPMorgan's AI rollout: Jamie Dimon's a 'tremendous' user and it's caused some 'healthy competition' among teams
- JPMorgan is making a big bet on AI. Here's how its private bankers are using it.
Dimon also laid out his vision for how America's largest bank will win the AI battle against fintechs through data. Meet the leaders of that mission.
- Jamie Dimon says he's out to win the AI arms race. See who he's put in charge of this critical mission.
- JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.
Mary Erdoes, the boss of JPM's asset- and wealth-management business, used these slides to outline how she wants to get her people ready for the "AI of the future."
Manuela Veloso has been focused on AI for decades. The former head of machine learning at Carnegie Mellon University, Veloso has been JPMorgan's head of AI research since 2018. She broke down seven main challenges her team is trying to solve with AI for the bank.
Michael Kovac
Goldman's top partners and CEO David Solomon are eager to see AI rev up their businesses. From realizing internal productivity gains to capturing more business as clients look to raise money in anticipation of AI development and acquisitions, here's what the top echelon is expecting.
- How AI will shake up Goldman Sachs, according to top partners and CEO David Solomon
- Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented
There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave BI an inside look at how his roughly 500-person team melds with the rest of the bank to get the most out of its data.
AI's impact has ripple effects that go far beyond technology. Goldman's chief information officer, Marco Argenti, predicts that cultural change will be critical to getting the bank to 100% adoption.
Many dollars are being spent on Wall Street's AI ambitions. But how do you measure the return on the investment? Argenti offers some tips on the calculus that can help firms prioritize where to invest.
Brendan McDermid/Reuters
Morgan Stanley wants to turn employees' AI ideas into a reality. Here's an exclusive look at that process.
Morgan Stanley's wealth division is getting an AI facelift. See how the technology is transforming the jobs of the bank's 16,000 financial advisors.
Thanks to its partnership with ChatGPT-maker OpenAI, Morgan Stanley has ramped up its AI efforts. The exec in charge of tech partnerships and firmwide innovation opened up about how it all started.
NICHOLAS KAMM/Getty Images
Citi's top tech executive, Shadman Zafar, outlined the bank's four-phased AI strategy and how it will "change how we work for decades to come."
John Lamparski/Getty Images
Bank of America's chief experience officer, Rob Pascal, details how the bank's internal-facing AI assistant helps bankers collect, record, and review client data. Here are all the ways it's helping employees be more effective and efficient.
Momo Takahashi/BI
Investment bankers are hopeful that corporate America's obsession with AI could kick off a new era of mergers, acquisitions, and IPOs. From execs stepping into recently created roles to accommodate the sector to industry veterans launching their own AI-focused M&A-advisory firm, meet 11 investment bankers poised to lead Wall Street's AI revolution.
We spoke with four of those AI bankers about why 2025 is going to be all about AI pickaxes and shovels rather than pure-play AI deals.
AI could save junior bankers time by automating tedious tasks known all too well by Wall Street's youngest ranks. But it can also make it harder to break into the industry by shifting the skills required for entry.
A former Goldman Sachs managing director built an AI-powered networking tool to spur dealmaking. The budding startup, Louisa AI, already has a few clients, including Goldman Sachs, Insight Partners, and a global exchange.
Here's how former investment bankers left their Wall Street jobs to build an AI startup to solve junior bankers' woes.
