OpenAI Targets Work of Wall Street Junior Bankers
- Reference: 0185592570
- News link: https://news.slashdot.org/story/26/09/10/191248/openai-targets-work-of-wall-street-junior-bankers
- Source link:
> The rollout puts OpenAI deeper into territory traditionally occupied by Wall Street's entry-level bankers, the recent college graduates called analysts and associates that the industry has employed for decades to research deals and create pitchbooks. It also showcases the company's continued push into enterprise offerings as it gears up for what is widely expected to be a blockbuster IPO.
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> In a live demonstration of the new offering, Turley showed the platform analyzing a potential M&A target, pulling financial figures from industry-standard data sources and creating a formatted PowerPoint deck based on a bank's pre-formatted style guide. "It's very easy to make slides that look good, but it's much harder to make slides [that] actually make sense," Turley said. "To get here, ChatGPT had to choose the relevant peers. It had to pull the prices into a spreadsheet. It had to check the chart against the data, and it had to explain the selloff and the rebound."
[1] https://openai.com/index/introducing-chatgpt-financial-services/
[2] https://www.cnbc.com/2026/09/10/openai-chatgpt-for-financial-services-targets-work-of-junior-bankers.html
Acceptable use of AI (Score:5, Funny)
This is a case where even if the AI hallucinates results, they are unlikely to be any more egregious than those hallucinated by the humans being replaced.
Next (Score:2)
Politicians, then "influencers"?
Re: (Score:2)
According to the statistics on AI-slop video-clip uploads and views thereof (on Youtube and others), the "Influencer" sphere is already in the middle of having humans replaced by AI.
When retirements happen, what then? (Score:2)
If there are no junior bankers in the pipeline, what happens when the senior bankers retire? Or is the plan to replace them with AI too?
Re:When retirements happen, what then? (Score:5, Insightful)
> If there are no junior bankers in the pipeline, what happens when the senior bankers retire? Or is the plan to replace them with AI too?
That's what we keep being told in programming positions. AI now does the entry job programming work. No newbs to gain experience. Us seniors aren't to worry about it though, because by the time we retire, AI will be good enough to do our jobs too. Which isn't as reassuring as the executives want us to think it is, because we know the two possibilities. 1) They never actually get that good and we get incentivized to stay past where we're financially able to retire. 2) The get that good before we're really ready to retire, but the bottom line requires us to be pushed out because our salaries are no longer justified when the AI can do the job.
Yet another lose-lose proposition. How wonderful.
No practical difference (Score:2)
Either way we end up with price-colluding rogue agents.
The job... (Score:4, Interesting)
The job of an analyst isn't to report or summarize the numbers that are already available. The job is to find the lies and BS and call it out. I've yet to see an AI that can do this.
But, if all you want is cheap garbage...then AI it is!
"AI is great!" (Score:3)
"As an investment banker, let me just say AI is great! Sure, it might displace some workers, but it has enormous profit potential and you can't make an omelette without breaking some eggs.... what's that...? HEY! WAIT A MINUTE NOW!!!!"
Fix the high frequency trading problems first. (Score:2)
Once AI has the controls and HFT is still a thing, look out. AI will bankrupt you in the blink of an LED.
All trades should be required to be held for two business days - this is supposed to be an investment market not a casino. :/
Re: (Score:2)
> Once AI has the controls and HFT is still a thing, look out. AI will bankrupt you in the blink of an LED. All trades should be required to be held for two business days - this is supposed to be an investment market not a casino. :/
Uh, no. Wall Street is *PRECISELY* a casino. And the people who own the AIs are fine with letting the commoners go bankrupt, so long as the resulting profit goes to the right pockets. That's the game. House always finds a way to win. And anybody not a part of The House, we get to lose. Yee haw!
I believe this type of scenario is why people sometimes utter the phrase late stage capitalism.
Good start. (Score:4, Funny)
Next they need to start replacing executives in publicly traded corporations. They would be equally evil but at least we could turn them off.
Re: Good start. (Score:2)
You absolutely cannot turn AI off.
Re: (Score:2)
Indeed. Haven't we read enough sci-fi stories to know that trying to turn them off is usually what leads to them deciding to Kill All Humans?
Jeff Bezos said... (Score:3)
Jeff Bezos said that his job, like all CEOs, is to make decisions, big decisions, usually about one per day, sometimes only one per week. Imagine how much more profitable a company could be if they replaced their CEOs with AI... literally 10000000x more decisions per day could be decided which means the company would be 10000000x more profitable.
Any publicly traded company that hasn't replaced their executives with AI at this point is negligent and derelict in their obligations to shareholders extract as mu
Re: Jeff Bezos said... (Score:2)
99.999% of which would be bad decisions.
It's not just about making any decisions. It's about making good ones.