OpenAI is taking aim at some of the most labor-intensive tasks on Wall Street with a new version of ChatGPT designed to research companies, analyze financial data and generate the presentations investment bankers rely on. The product unveiled Thursday, called ChatGPT for financial services, is a customized version of its enterprise product, ChatGPT Work, which was created with “design partners” Morgan Stanley and Evercore, according to OpenAI vice president of product Nick Turley. It uses the company’s latest and most advanced model of artificial intelligence, GPT-6 Astra. The launch puts OpenAI deeper into territory traditionally occupied by entry-level Wall Street bankers, the recent college graduates called analysts and associates that the industry has employed for decades to vet deals and create pitch books. It also shows the company’s continued push toward enterprise offerings as it prepares for what is expected to be a blockbuster initial public offering. “We’re effectively teaching ChatGPT to do research like an analyst and back up its conclusions like an analyst too,” Turley said during a briefing announcing the new product. OpenAI has spent much of the last year competing to win over enterprise customers in the fiercely competitive enterprise market, where it is working to fend off rivals such as Anthropic and Google. Anthropic announced its own customized solution for Wall Street, Claude for Financial Services, last year. Sarah Friar, OpenAI’s chief financial officer, told investors in August that the company’s enterprise business accounted for more revenue than its consumer business, which took off after the launch of ChatGPT in 2022. Turley told reporters during the briefing that OpenAI plans to launch customized solutions for “a number of sectors” beyond financial services. In a live demo of the new offering, Turley showed off the platform by analyzing a potential M&A target, extracting financial figures from industry-standard data sources, and creating a formatted PowerPoint deck based on a bank’s preformatted style guide. “It’s very easy to make slides that look good, but it’s much harder to make slides that look good. [that] “It actually makes sense,” Turley said. “To get here, ChatGPT had to choose the relevant pairs. It had to enter the prices into a spreadsheet. It had to cross-check the chart with the data and had to explain the sell-off and bounce. “Bank disruption? What separates this version from the product on which it is based, ChatGPT Work, is access to native data from LSEG, Daloopa and Pitchbook, which provides the system with things like financial statements and earnings transcripts, as well as automated access to users’ existing data subscriptions. Other features tailored for finance include citations that allow users to trace data back to source files and audit charts, as well as administrative controls for sensitive business materials. While Turley said there was “a lot of demand” for this version of ChatGPT, which is initially geared toward investment banking and equity research, he declined to name the banks that have signed on. When asked by CNBC whether this latest version of ChatGPT would reduce the need for investment banks to hire junior bankers, Turley framed the launch as an efficiency boost that maximizes productivity per employee. “If you study the life of an analyst or a banker, depending on the “I think in the same way that Microsoft Excel transformed the industry and allowed them to produce better analysis faster, you will see that technology like this does the same thing.” Still, the product raises fundamental questions for an industry long built on a rigorous learning model. If generative AI can execute multi-step tasks like research and format proposal books in minutes, Wall Street will be forced to rethink how it trains, and how many it needs, of its next generation of The month Last year, Chris Churchman, a Goldman Sachs partner in charge of one of the bank’s major AI projects, warned that automating tasks that help train junior bankers risks causing “cognitive atrophy” in the next generation of financiers. “Reasoning is still important,” Churchman said at the time. [problems] and structure it into an argument, and now we’re delegating the reasoning.”
