OpenAI has unveiled a new version of ChatGPT aimed at financial-services professionals, putting artificial intelligence directly into the research, financial analysis and presentation-building work traditionally handled by junior investment bankers.
The move represents another step in the race to automate some of the most time-intensive entry-level work on Wall Street, while raising questions about how banks will train the next generation of analysts if AI increasingly handles the tasks through which they traditionally learn the business.
The product, called ChatGPT for Financial Services, is designed for investment banking and equity research workflows. OpenAI says its financial-services offerings can help teams analyze financial data, conduct research, build and update models, and produce cited outputs from company filings, transcripts, presentations and spreadsheets.
OpenAI developed the latest product with financial-industry design partners including Morgan Stanley and Evercore, according to reporting on the launch. The system can connect with financial-data platforms including LSEG, Daloopa and PitchBook, allowing users to work with data they already have access to rather than relying solely on general web information.
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AI moves deeper into junior-banker work
For decades, junior investment bankers have performed much of the research, spreadsheet analysis and presentation preparation that supports senior bankers and clients.
Those tasks can involve gathering information on companies, analyzing financial statements, preparing comparable-company analyses, building models and assembling pitchbooks. OpenAI’s financial-services strategy increasingly targets those workflows.
The company has already introduced ChatGPT for Excel, allowing users to build, update and analyze financial models within spreadsheets. OpenAI said its financial integrations can bring data from providers including FactSet, Dow Jones Factiva, LSEG, Daloopa and S&P Global into ChatGPT-based workflows.
The latest push takes that automation further by positioning ChatGPT as a tool capable of completing multiple steps of an analyst’s workflow.
In a demonstration described in coverage of the launch, the system analyzed a potential acquisition, retrieved financial information and produced a PowerPoint presentation formatted according to a bank’s style requirements. The demonstration illustrates the intended use of the technology but does not constitute an independent assessment of its accuracy or performance.
OpenAI is also emphasizing controls that are particularly important in financial services, including citations that allow users to trace information back to source material and tools for checking charts against underlying data. Its enterprise products include administrative, security and access controls for organizations handling sensitive information.
Morgan Stanley and other banks are already using AI
The launch comes as major financial institutions expand their use of artificial intelligence.
Morgan Stanley has worked with OpenAI on AI tools for its financial advisers. OpenAI says more than 98% of Morgan Stanley’s adviser teams actively use its internal AI assistant, which helps advisers retrieve information from the firm’s knowledge base.
OpenAI’s broader financial-services strategy covers research, analysis, operations and client services. The company says financial institutions including Morgan Stanley, BNY, Fidelity International, MUFG and Commonwealth Bank are using or evaluating its tools.
That adoption could accelerate as AI systems become better at handling lengthy documents, spreadsheets and multi-step research tasks.
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Concern over the future of junior bankers
The technology also intensifies a debate that has been growing across Wall Street: if AI performs the basic work, how will junior employees acquire the skills needed to become senior bankers?
Junior bankers have traditionally learned by doing repetitive work. Reviewing filings, building models, checking numbers and preparing presentation slides can be tedious, but the process also teaches analysts how transactions work and how financial information is interpreted.
That concern is not unique to OpenAI’s latest product. Earlier discussions among junior bankers and industry recruiters have highlighted worries that eliminating routine work could weaken the apprenticeship model that has traditionally developed financial professionals.
OpenAI says AI can increase productivity rather than simply eliminate employees. The company has similarly described its broader financial-services products as tools that allow investment professionals to spend less time on manual work and more time on analysis, judgment and decision-making.
But the distinction between augmentation and replacement could become increasingly difficult to maintain if AI systems can reliably perform larger portions of an analyst’s workflow.
The development is particularly significant for young professionals seeking careers in investment banking and financial services. If banks can automate a substantial share of entry-level research and presentation work, hiring models could eventually change even if AI initially serves as an assistant rather than a replacement.
For OpenAI, meanwhile, financial services represents an important test of its broader strategy of building specialized AI products for major industries. The company is seeking to move ChatGPT from a general-purpose assistant into software that can operate inside highly regulated, data-intensive professional workflows.
The larger question for Wall Street may therefore not be whether AI can do a junior banker’s work, but how much of that work banks will ultimately want humans to continue doing.