**WALL STREET TAKES ON CHATGPT AND AI TECHNOLOGY**
Wall Street’s biggest players are diving headfirst into AI technology, thanks to the emergence of ChatGPT at the end of 2022. AI is set to revolutionize the finance industry, and Business Insider has been keeping a close eye on how banks, investment giants, and hedge funds are embracing this new technology.
JPMorgan CEO Jamie Dimon believes banks can outdo fintech in the AI battle, particularly through the leverage of data. Likewise, Goldman Sachs and Deutsche Bank are also aggressively experimenting with AI, despite the challenges of regulation and talent battles.
Hedge funds are also jumping on the AI hiring bandwagon, with big players like Bridgewater and Man Group leading the charge. Bridgewater is set to launch a fund driven by AI, while Man Group has launched a data and machine learning group to focus on generative AI.
In the world of asset managers, tech like AI is transforming the way they source deals, as seen with the creation of an AI engine called Motherbrain by the Swedish PE giant EQT. AllianceBernstein is also honing in on AI to improve risk management and save analysts hours of work.
Five industry experts also spoke to Business Insider about how AI and ChatGPT could impact financial services. While AI has the potential to eliminate tedious tasks for investment bankers, it’s also changing the skills and roles required for entry. The demand for technologists with specialized AI skills is rising, reshaping the financial job landscape.
What’s your take on Wall Street’s exciting dive into AI and ChatGPT technology? Drop us a comment and let’s start the conversation!
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