Updated
2024-12-28T10:14:01Z
- 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.
Goldman Sachs
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.
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