AI will reshape Wall Street. Here's how the industry's biggest firms, from JPMorgan to Blackstone, are adapting it.

Getty Images; Jenny Chang-Rodriguez/BISince ChatGPT hit the scene, Wall Street has ramped up its efforts in AI.Business Insider has reported on how some of finance's biggest names are approaching the new tech.See how firms from Goldman Sachs to Bridgewater are using it. Welcome to Wall Street's AI era.Banks, private equity firms, hedge funds, and asset managers have been eager to use generative AI to boost productivity and reduce grunt work for workers. Since OpenAI introduced ChatGPT, finance firms have moved from pockets of experimentation to scaling these generative AI tools companywide. Such tech advancements have been met with a mix of enthusiasm and cynicism.Business Insider has been reporting on how some of finance's biggest players are approaching artificial intelligence, from how it might impact jobs and create new ones, to the different ways firms are cutting costs and ramping up efficiencies.But first, if you work at a Wall Street firm and are using AI, we want to hear from you. How is AI really showing up in your day-to-day? Is it living up to the hype?Banks have accelerated their AI research and use casesAlex Brandon/AP Photo; Getty Images; Alyssa Powell/BIJPMorgan has a technology budget of $18 billion, with much of it going toward making sure it's a leader in AI.JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. While its private bankers were some of the first to be equipped with a generative AI "copilot" last May, the bank has rolled out its proprietary genAI platform to over 200,000 employees.Executives at America's largest bank gave an inside look at how it's scaling tools and delivering measurable results at its Investor Day in May.AI is core to JPMorgan's $18 billion tech investment. Here's what its execs revealed about how it's reshaping the bank.Dimon has previously said he's out to win the AI arms race.Meet 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.Goldman Sachs' chief information officer, Marco Argenti, and head of machine learning quants, Dimitris Tsementzis, say we are at an inflection point with AI. The technology is already changing how employees at the Wall Street giant do business. CEO David Solomon has said AI is changing processes like drafting IPO filings and analyst research.Goldman is assembling a growing arsenal of AI tools. Here's everything we know about 57 Goldman Sachs insiders explain how the bank's new AI sidekick is helping them crush it at workAI is doing 95% of the work on an IPO prospectus, Goldman Sachs CEO saysInside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documentedMeet Neema Raphael, the data whiz key to Goldman's AI ambitions who's overseeing the bank's army of engineers and scientistsGoldman Sachs CIO Marco Argenti says Wall Street's 'next big wave' in AI will come down to culture, not just technologyNeema Raphael, a chief data officer and Goldman partner.Goldman Sachs; Jenny Chang-Rodriguez/BIMorgan Stanley, which was an early partner of OpenAI, has been working with employees to turn their AI ideas into reality. It also had a small group of engineers build a tool that's saved coders more than 280,000 hours so far this year.A team of engineers saved Morgan Stanley more than 280,000 hours this year. The bank says its tool will not take jobs.Morgan Stanley has more than 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration.Morgan Stanley's innovation head lays out his plan for more OpenAI-type partnershipsMorgan Stanley is betting on AI to free up advisors' time to be 'more human.' Nearly 100% of advisor teams use it, and here's how.At Citibank, generative AI is poised to change just about every employee's job, and it has just appointed new leaders to "accelerate" its strategy.How Citi's new AI leaders are readying the firm for a new futureCiti snags AI leader from Morgan Stanley to help turn around its wealth techA top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and productGenerative AI could be one of the most promising tech advancements on Wall Street — it may also turn out to be one of the most threatening. Four in five bank leaders surveyed by Accenture in a recent study said they feel like they can't protect against hackers armed with AI.Wall Street is worried it can't keep up with AI-powered cybercriminalsHedge funds have been on an AI hiring tearIn the ultracompetitive world of hedge funds, being ahead on the latest technology is always a priority. The rise of the AI labs and need for top quant minds has also meant that math whizzes at hedge funds and trading firms have become a target for poaching. At this year's Global Milken conference, executives from Citadel, WorldQuant, and Freestone Grove talked about how AI is helping them leverage their best investors.How hedge funds Citadel, WorldQuant, and Freestone Grove are using AIGetty Images; Alyssa Powell/BIPoint72's CTO Ilya Gaysinskiy knows that his boss, billionaire and New York Mets owner Steve Cohen, likes to win. In his first interview since joining the hedge fund last September, Gaysinskiy told BI about his big plans to ramp up Point72's tech organization and how AI will play into that expansion.How Point72's CTO is building out Steve Cohen's tech ranksBridgewater launched a fund driven by AI last year. The fund's AIA Labs worked to replicate every stage of the investment process with machine learning. The firm's co-chief investment officer and chief scientist outlined the plans of the world's largest hedge fund.One of Bridgewater's top investors explains why the world's largest hedge fund is handing the investment process over to AI in a new fundBalyasny Asset Management is in the midst of building the AI equivalent of a senior analyst. Charlie Flanagan, the head of applied AI at the $21 billion hedge fund, broke down his plan to amass a collection of bots to automate grunt work for analysts.Balyasny wants to build an AI equivalent of a senior analyst. A recent breakthrough brings the hedge fund one step closer.D.E. Shaw managing director Neil Katz gave BI an inside look at the quant hedge fund's generative AI approach, which is built on three main capabilities.D.E. Shaw's generative AI approach encourages programmers to build their own toolsiStock; BIInterviews with 11 AI executives, recruiters, vendors, and consultants working on Wall Street revealed the cultural challenges hedge funds might face as they use their deep pockets to lure in AI talent. These leaders can struggle to gain the trust of business leaders and break into investment teams, and AI researchers have struggled with hedge funds' penchant for secrecy.Inside the rocky marriage of hedge funds and top AI talentPrivate equity firms are trying to figure out how AI can boost their dealmaking and investment skillsLucia Soares — Carlyle's chief information officer and head of technology transformation — talked to BI about taking on a new challenge: Bringing AI to the investment giant's 2,300 global employees.Inside Carlyle's AI rollout: Tech chief shares wins, challenges, and cost savingsPrivate equity firms are no strangers to managing and analyzing copious amounts of data — but data is only helpful if you can find it. Here's an inside look at Blackstone's approach to enterprise search and how it's hoping AI will give it a leg up in its pursuit to capture more of the insurance market.Blackstone is looking to supercharge employee productivity with AI-powered searchHow Blackstone is using AI to win over big insurance companies hungry for private creditSwedish PE giant EQT built an AI engine called Motherbrain that has changed how its investors source deals. ChatGPT enables the investing giant to take the next step with its AI ambitions.EQT is using ChatGPT 'to make cyborgs' out of its dealmakers. Here's how.iStock; Rebecca Zisser/BIAs private equity firms turn to AI for a competitive edge, Thomas H. Lee says its engineers are up to 30% more productive with help from AI coding assistants.The PE pig roast: How THL uses competitions to get its portfolio companies ahead on AIAsset managers are also getting in on the AI action.AI tools are changing how stock-pickers do their job. AllianceBernstein, BlackRock, and JPMorgan opened up on how their tools are changing portfolio manager workflows.How AI is speeding up the slow investing gameThe multi-billion-dollar investment manager VanEck invested in a Toronto-based startup and is onboarding its technology to boost its ETF business. An exec and the fintech's CEO walked us through how AI will change analysts' and salespeople's jobs.Money manager VanEck is backing an under-the-radar AI fintech to boost its ETF businessVanEck's Wyatt Lonergan and Juan LopezVanEckFintechs are developing AI tools to help their employees work faster and smarter.When the crypto exchange Kraken announced its plans to acquire a retail trading startup for $1.5 billion, the news made headlines. What went under the radar, however, was Kraken's use of generative AI for the due diligence process of its acquisition target. Here's how it went, and why the head of Kraken's M&A business now sees AI as a part of his core team.How Kraken used AI to fast-track a $1.5 billion dealBlock, billionaire Jack Dorsey's company behind Square, Afterpay, and Cash App, developed an AI agent that's an expert coder — it can even write code better and faster than some of the company's top engineers.Here's a look inside the initiative and why Block decided to open-source it.Lead Block engineer said the fintech's new AI agent writes better code than him — and the fintech is open-sourcing it to competitorsIn 2023, the neobank Chime built its own private version of ChatGPT to help its engineers launch new products and features faster and more cheaply. The fintech's CTO walked us through his playbook.Chime's top tech exec details how the fintech is building an AI chatbot to speed up how quickly it launches new products and features.How AI is shaking up the tech talent market on Wall StreetThe proliferation of AI in the finance industry's tech ranks — both as builders and users — is evolving the role of developers as it becomes increasingly common to delegate much of their coding work to machines. Five industry veterans, including from Goldman Sachs, Point72, and Morgan Stanley, offered advice on how software engineers can keep their edge.AI is reshaping Wall Street tech jobs. 5 executives share the skills engineers need to keep up.Wall Streeters, say hello to your new coworker. AI agents are beginning to permeate the labor force as assistants who can help humans with everyday tasks. Here's how banks and startups want to give every employee their own personalized direct report.Autonomous AI agents are coming to banksAI is creating entirely new jobs on Wall Street. Here's one, which has some private equity firms shelling out pay packages of up to $2 million to drum up AI at portfolio companies.Private equity firms are 'clamoring' to hire AI executives, with some offering pay packages of up to $2 millionFor a broader view at salaries, BI collected salary data on 8 Wall Street banks for AI roles across all levels.What Wall Street banks pay tech talent, from the data scientist earning $275,000 to the $120,000 quant-modeling jobData is king for hedge funds, and Wall Street's generative AI era offers new advantages. Here's how much the biggest proprietary trading firms and hedge funds are willing to pay for talent, according to government data.Prop-trading firms and hedge funds like Point72, Balyasny, and Bridgewater are turning to AI for higher returns. Here's what they pay AI workers.Top tech execs from Citadel, Goldman Sachs, and AllianceBernstein open up about how AI is changing the role of the CTO on Wall Street.Why CTOs have the biggest job on Wall Street right now. Tech leaders from Goldman and Citadel open up about how the job is evolving in the age of AI.Blackstone recently hired an AI exec from Walmart to apply the technology at its some 230 portfolio companies.From Walmart to Wall Street: Blackstone hires AI whiz to supercharge its portfolio companiesAI is redefining what it takes to be a software engineer on Wall Street. Top tech execs from Goldman Sachs and Citi open up about why they want their developers to have liberal arts degrees.What does Goldman Sachs want in a coder? For them to have studied philosophy.Balyasny's Bridger program, designed for incoming sell-side analysts to learn coding and AI skills, highlights the evolving skills of an analyst in the age of AI.Behind Balyasny's training program that gives analysts a crash course in data science and AIiStock;BIBusiness Insider spoke to five industry experts to get their take on how ChatGPT and its underlying tech could be applied to various sectors of financial services.ChatGPT could upend jobs across Wall Street. Here's how 6 areas of finance, from investment banking to wealth management, might be impacted.AI could improve the lives of investment bankers by taking on some tedious tasks, but it can also make it harder to break into and alter the skills required for entry.How AI will change the job of the junior banker and raise the bar to entryStartups are looking to capitalize on Wall Street's AI feverAuquan only launched less than two years ago, but it's already been signed by some big financial firms. Here's a look at how its technology is automating research work usually done by analysts.This startup is bringing AI agents to banks and money managers including UBS, Blue Owl Capital, and T. Rowe Price. Here's the deck is used to raise $8 million.This startup wants to transform how investors and traders analyze data with generative AI. And it's catching the attention, and dollars, of some of the biggest names in the hedge fund world, like Millennium Management's founder Izzy Englander and billionaire investor Stanley Druckenmiller.This startup for traders just raised $30 million from investors including Stanley Druckenmiller and Greg Coffey. Here's how it plans to transform how Wall Street analyzes data.Meet Mako AI, a generative AI bot designed to solve the woes of early-career private equity associates. The startup, which launched in September, is cofounded by a former Bain and Co. consultant who worked in the PE industry and remembers the countless hours he spent on mundane tasks like collecting data, writing reports, and building formulas.This startup just launched the AI equivalent of a first-year private equity associate. Here's its pitch deck.Wall Street firms know the pain of satisfying regulators, but advancements in AI are introducing a whole new level of scrutiny and complexity. Meet this startup, which automates some of the most time-intensive parts of the risk management process.Here's the pitch deck this AI risk management startup used to raise $8 million in a round led by Point72 VenturesLouisa AI is a startup built to suggest potential deals for investment bankers and venture capital investors. The fintech, which was born inside Goldman Sachs by a former Goldman managing director, has suggested $800 million in deal values per quarter across a handful of clients.See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers.Wall Street has a reputation for a hard-charging work culture, something that every junior banker learns in their life. Rogo CEO and cofounder Gabe Stengel was one such banker, sometimes staying up until 5 a.m. to create earnings summaries or to pull together presentations for superiors while at Lazard. Stengel knew there had to be a better way.See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analystsRead the original article on Business Insider

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