Wall Street Banks Are Using AI To Rewire the World of Finance
An artificial intelligence (AI) revolution is unfolding on Wall Street. At the most enthusiastic banks, about 40% of all open job roles are for AI-related hires such as data engineers and quants, as well as ethics and governance roles, according to new data from consultancy Evident. The potential prize for businesses is that everyday tasks will be handled more efficiently and effectively while complex analysis and risk modeling are made easier and faster. The transformation has already begun. Deutsche Bank, for example, is using AI to scan wealthy client portfolios, while ING is screening for potential defaulters. Morgan Stanley says its bankers are “experimenting” in a “safe and contained environment.” Meanwhile, JPMorgan Chase is scooping up talent, advertising for more AI roles than any of its rivals.
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