Read the full article on FlexTrade.
Excerpt:
With the rapid growth of artificial intelligence, Wall Street is experimenting with ChatGPT from OpenAI and other generative AI-based tools to save time on tedious tasks and find information in massive data sets.
In April, the New York Times reported that investment banks have adopted AI to automate the work of analysts who pull all-nighters to assemble PowerPoint presentations and crunch data in Excel spreadsheets. Major banks are testing AI tools with code names like Socrates to supplement the work of junior analysts, wrote the NYTimes, predicting that in the future such tools could upend the need to hire armies of college graduates who perform “boring tasks” as part of the rite of passage.
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