OpenAI Targets Work of Wall Street Junior Bankers

OpenAI unveiled ChatGPT for Financial Services, a specialized version of ChatGPT Work tailored for Wall Street, in collaboration with Morgan Stanley and Evercore. This advanced model, GPT-6 Astra, is capable of researching companies, scrutinizing financial data, and constructing presentations using the latest technology. OpenAI's Vice President of Product, Nick Turley, explained that they are essentially teaching ChatGPT to analyze like an analyst and substantiate its findings like one as well.

CNBC reported that this move positions OpenAI in the realm typically dominated by Wall Street's entry-level bankers, the recent college graduates known as analysts and associates, who have been employed for decades to research transactions and develop pitchbooks. The rollout also highlights OpenAI's ongoing expansion into enterprise solutions as it prepares for an anticipated major stock market debut.

During a live demonstration of the new service, Turley showcased the platform analyzing a potential M&A target, extracting financial figures from industry-standard data sources and generating a PowerPoint deck in accordance with a bank's standard style guide. He emphasized that while it is relatively simple to create visually appealing slides, it is significantly more challenging to produce slides that not only look good but also make logical sense.

To achieve this, ChatGPT had to identify relevant peers, incorporate prices into a spreadsheet, verify the chart against the data, and provide explanations for market fluctuations and recoveries.